Which of the following are not considered part of government purchases?
A) a tank purchased by the federal government B) teachers' salaries paid by a local government
C) a bridge purchased by the state government D) welfare benefits
D
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Refer to the figure above. When the real exchange rate is above R*:
A) net exports are zero. B) net exports are positive. C) net exports are negative. D) net exports can be positive or negative depending on the value of R*.
In the long run, if firms in a perfectly competitive market are incurring economic losses, then
A) new firms will enter the market and the price will rise. B) some firms will leave the market and the price will fall. C) some firms will leave the market and the price will rise. D) new firms will enter the market and the price will fall.
As the electronic components industry expands, the salaries paid to electrical engineers rise in response to higher demand. We can conclude that the electronic components industry is:
a. a constant-cost industry. b. an increasing-cost industry. c. a decreasing-cost industry. d. a marginal-cost industry.
Suppose that your income during Year X was $50,000, and the CPI for Year X was 150 (base year = Z=100). Back in Year Z your income was $30,000. Has your real income increased or decreased from Z to year X? By how much?
A. Increased by $5,000. B. Increased by $3,333. C. Decreased by $5,000. D. Decreased by $3,333.