The symmetry principle states that
A) the poorest person must be made as well off as possible.
B) income should be transferred from the rich to the poor up to the point of complete equality.
C) resources should be common property.
D) people in similar situations must be treated similarly.
D
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The purchase of a new Boeing fighter jet by Israel is classified in the U.S. GDP accounts as
A) import expenditure. B) export expenditure. C) consumption expenditure. D) investment expenditure. E) government expenditure.
Which of the following would likely be traded in a monopolistically competitive market?
a. Electricity b. Airline Tickets c. Pizza d. Wheat e. Water
The Fed's strategy of increasing the money supply and lowering interest rates in order to increase real GDP is called
A. Contractionary fiscal policy B. Expansionary monetary policy C. Expansionary fiscal policy
If the price of gasoline increased by 5% and consumers responded by purchasing 5% less gasoline, the absolute value of price elasticity of demand for gasoline would equal
A) 0.1. B) 0.5. C) 5. D) 1.