In the treatment of American exports and imports, national income accountants
A. subtract exports, but add imports, in calculating GDP.
B. subtract both exports and imports in calculating GDP.
C. add both exports and imports in calculating GDP.
D.add exports, but subtract imports in calculating GDP.
D.add exports, but subtract imports in calculating GDP.
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The use of psychological incentives to solve commitment problems would be least effective in games played:
A. once between family members. B. repeatedly between strangers. C. once between strangers. D. repeatedly between family members.
If a country produces only two goods, then it is not possible to have a comparative advantage in the production of both those goods
Indicate whether the statement is true or false
One event that undermined the belief that the Phillips curve represented a structural relationship was
A) the belief of Milton Friedman and Edmund Phelps that expected inflation remains constant. B) the erratic behavior of unemployment rates and inflation rates during the 1960s. C) the extended period of time that both unemployment and inflation remained high during the Great Depression. D) the increase in both the inflation rate and the unemployment rate in the 1970s.
The Capper-Volstead Act of 1922 applied the Sherman Anti-Trust Act to farm cooperatives, preventing them from restricting output and fixing prices
Indicate whether the statement is true or false