Which of the following would be included in the government expenditures component of GDP?
A. The export of 100 fighter jets to Japan
B. Construction costs of a new public school building
C. Food stamps used by the Smith family
D. A $1,000 check issued by the federal government as part of the Pell Grant program to help college students pay for school
Answer: B
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The short-run Phillips curve shows a relationship between the
A) unemployment rate and the interest rate. B) inflation rate and the interest rate. C) price level and real GDP. D) inflation rate and real GDP. E) inflation rate and the unemployment rate.
Which of the following appears to be evidence against the public interest view of the Fed's motivation?
A) The conflict with the Treasury over interest rate fixing during World War II. B) The failure of the Fed to emphasize the goal of price stability. C) The unwillingness of the Fed to turn over its excess profits to the Treasury. D) The independence of Fed chairmen from the authority of the President.
Applying the analysis from the California test scores to another U.S. state is an example of looking for
A) simultaneous causality bias. B) external validity. C) sample selection bias. D) internal validity.
The basic formula for price elasticity of demand is
A. The percentage change in income divided by the percentage change in price. B. The percentage change in quantity demanded divided by the percentage change in price. C. The percentage change in price divided by the percentage change in quantity demanded. D. The change in quantity demanded divided by the change in price.