Gross Domestic Product is best described as the
a. measure of a nation's total economic welfare.
b. national income, including nonmarket income.
c. sum of money values of all final output produced in the domestic economy within the year.
d. national output minus environmental damage.
c
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Compare and contrast the population theories of Malthus and Kremer
The steeper the Security Market Line:
A. the lower the risk premium. B. the more investors dislike risk. C. the less investors are concerned about risk. D. the greater the risk-free interest rate.
Mainstream economists support:
A. Adoption of a monetary rule for increases in the money supply B. Elimination of efficiency wages and insider-outsider relationships C. The requirement that the government annually balance its budget D. The use of discretionary monetary and fiscal policy for achieving major economic goals
Suppose that in 2020 the average citizen's federal tax bill is $14,888 per person, and total federal spending is $13,997 per person. In 2020, the federal government will have
a. a per person budget surplus of $891.
b. a per person budget deficit of $891.
c. horizontal equity.
d. vertical equity.