The equilibrium price under an import quota is below the price that occurs with free trade
Indicate whether the statement is true or false
FALSE
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Suppose that inventories were $80 billion in 2012 and $70 billion in 2013. In 2013, national income accountants would ________.
A. subtract $75 billion (= $150/2) from other elements of investment in calculating total investment B. add $10 billion to other elements of investment in calculating total investment C. add $75 billion (= $150/2) to other elements of investment in calculating total investment D. subtract $10 billion from other elements of investment in calculating total investment
Velocity of money is the ratio of ________
A) real GDP to money demand B) money supply to money demand C) nominal GDP to money supply D) nominal GDP to money demand
Public choice theory suggests that politicians will be most likely to favor redistribution of income from
a. the rich to the poor. b. unorganized taxpayers to well-organized interest groups. c. well-organized business groups to consumers. d. none of the above.
A major reason that a public debt cannot bankrupt the federal government is because:
A. the public debt is mostly held by foreigners. B. the federal government can draw on its gold reserves. C. the public debt can be easily refinanced. D. the federal government has the Social Security trust fund.