Whenever there is inflation, increase in nominal gross domestic product (GDP) overstates the growth rate of the economy
a. True
b. False
Indicate whether the statement is true or false
True
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The risk of crowding out is greater the closer the economy is to full employment.
Answer the following statement true (T) or false (F)
Sort the following into cash transfer programs and in-kind transfers: - social security - SNAP - TANF - Medicare - Medicaid - housing assistance - earned income tax credit (EITC)
A. cash transfers: social security, SNAP, TANF, and Medicare; in-kind transfers: Medicaid, housing assistance, EITC B. cash tranfers: social security, housing assistance, Medicare, and Medicaid; in-kind transfers: EITC, SNAP, TANF C. cash transfers: social security, EITC, TANF; in-kind transfers: Medicare, Medicaid, SNAP, housing assistance D. cash transfers: EITC, TANF, SNAP; in-kind transfers: social security, Medicare, Medicaid, housing assistance
Which of the following people—none of whom has any financial or housing wealth—is most likely to be spending all of their current income?
A) a low income person expecting continued low income throughout life B) a low income person expecting a dramatic rise in income in the future C) a high income person expecting continued high income throughout life D) a high income person expecting a dramatic drop in income in the future E) a high income person expecting to retire soon, and live for a long time afterward
Which of the following is NOT an example of intraindustry trade?
A) Trading Jeeps for Toyotas B) Trading Boeing airplanes for Airbus airplanes C) Trading Bush beer for Heineken beer D) Trading oil for trucks