Which of the following is NOT included in the income approach to measuring GDP?
A) net interest
B) net exports
C) corporate profits
D) compensation of employees
B
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According to Say's law
A) supply creates its own demand. B) demand creates supply. C) changes in supply create supply-side inflation. D) changes in demand create demand-side inflation.
When there is a recessionary gap:
a. Unemployment exceeds the natural rate of unemployment. b. Unemployment equals the natural rate of unemployment c. Unemployment is less than the natural rate of unemployment. d. Any of the above is possible.
Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice cream costs $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60, and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 8 gallons of ice cream and 5 paperback novels?
a. Karen, Tara, and Chelsea b. Karen only c. Tara and Chelsea but not Karen d. none of the women
If people were perfectly rational, they would:
A. only care about real prices. B. only care about nominal prices. C. care about both real and nominal prices. D. not care about prices at all.