The U.S. government agency responsible for compiling the national income accounts is the:
A. Census Bureau.
B. Bureau of Labor Statistics (BLS).
C. Commerce Department's Bureau of Economic Analysis (BEA).
D. Government Accountability Office (GAO).
C. Commerce Department's Bureau of Economic Analysis (BEA).
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In the above figure, if the market is unregulated, the equilibrium quantity is
A) 0 units. B) 70 units. C) 80 units. D) 100 units.
In the United States since 1900, life expectancy at birth has ________ and the death rate has ________
A) decreased; increased B) increased; increased C) decreased; decreased D) increased; decreased
After the imposition of a tax of $2 per unit of output, what is the profit maximizing price?
A) 11 B) 21 C) 31 D) 41 E) none of the above
Equilibrium GDP
a. is not affected by nominal wage adjustments b. represents the level of output at which public welfare is maximized c. in the long run is equal to the average of the short-run GDP equilibria d. is influenced by long-run adjustments in the labor market e. falls if aggregate demand increases