Suppose the United States decides to impose a $1,000 tax on every Japanese minivan sold in the United States. This is an example of:
a. a tariff.
b. free trade.
c. comparative advantage.
d. the diversity of industry argument.
e. a quota.
a
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A decrease in government spending will result in a decrease in the price level and a decrease in real GDP in the long run
Indicate whether the statement is true or false
The market for reserves derives from the fact that:
A. desired reserves don't always equal actual reserves. B. the Fed refuses to lend to banks. C. reserves pay a relatively high return. D. banks do not want excess reserves.
In the Keynesian model, government spending is considered
A. a negative function of real GDP. B. to be a negative function of the real interest rate. C. to be autonomous. D. a positive function of real GDP.
Answer the following statements true (T) or false (F)
1) Between 1953 and 2011, rising labor productivity contributed more to U.S. economic growth than did increases in inputs. 2) Real GDP = worker-hours × labor productivity. 3) Labor productivity = worker-hours/real GDP. 4) Improvements in education and training explain about 80 percent of the historical growth of U.S. labor productivity.