Which of the following domestically produced items is not included in GDP?
a. a bottle of shampoo
b. a hairdryer
c. a haircut
d. All of the above are included in GDP.
d
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Income tax on the wealthy to finance the welfare for the poor causes income redistribution. This is an example for the trade-off
A) Which goods and services to produce. B) How to produce. C) Who gets the goods and services. D) Who produces the goods and services.
In-kind transfer payments are _____
a. efficient b. popular with recipients c. paternalistic d. a and b
An effective import quota is one that increases the amount of tariff revenues received
a. True b. False
Which of the following is an example of a normative, as opposed to positive, statement?
a. The growth rate of the economy last year was higher than any other year in the last decade. b. The federal government reduced spending in the last quarter of the fiscal year. c. The Federal Reserve Bank adjusted interest rates in response to the lower-than-expected growth rate of the economy. d. The federal government should decrease unemployment benefits to stimulate the economy out of the recession.