All of the following are positive statements EXCEPT
A) the President of the United States in 2008 was George W. Bush.
B) California is in the United States.
C) migratory birds fly south for the winter.
D) a dog is man's best friend.
D
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With which of the following statements would a "real business cycle" theorist most closely agree?
A) "Expansionary monetary policy allows the central bank to control inflation and unemployment simultaneously." B) "Monetary policies have the greatest impact on real GDP when they are anticipated." C) "Wages adjust rapidly to changes in inflation as long as expectations are formed rationally." D) "Technological shocks to the economy affect only aggregate demand in the short run."
The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. The smallest tariff necessary to completely eliminate imported rice is
A) $1 per unit. B) $25 per unit. C) $50 per unit. D) Not enough information.
One way to estimate GDP is to:
A. measure the total expenditure of an economy. B. add up all the money people spend buying final and intermediate goods and services. C. add together the market value of only final services sold in the economy. D. add together the market value of only final goods sold in the economy and not services.
When economists hold factors other than the one they are analyzing constant, they are demonstrating the principle of
a. circular flow analysis b. consumer sovereignty c. ceteris paribus d. normative economics e. scarcity modification