The agency responsible for compiling the National Income Product Accounts for the U.S. economy is the:
A. Council of Economic Advisers.
B. Bureau of Economic Analysis.
C. National Bureau of Economic Research.
D. Bureau of Labor Statistics.
B. Bureau of Economic Analysis.
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Measuring total production by valuing items at their market value allows us to
A) separate the value of different goods with identical prices. B) separate the value of different goods with different prices. C) add together the value of different goods that have different prices. D) add together the value of identical goods that have identical prices. E) ignore the problem that goods and services differ in how long they last.
If enforcement is aimed at buyers of an illegal good, the result will be
A) an increase in the short-run supply of the good. B) a decrease in the short-run supply of the good. C) a decrease in demand for the good. D) an increase in the price of the good.
Unemployment compensation is an example of:
A) non-discretionary expenditures. B) discretionary expenditures. C) taxes. D) none of the above.
Prices that adjust slowly to their long-run equilibrium ________
A) help the economy to avoid economic fluctuations B) call for policies that focus on short-run fluctuations C) are conducive to maintaining low inflation D) all of the above E) none of the above