If nominal GDP in some year is $280 and real GDP is $160, then the GDP price index for that year is:
A. 175.
B. 57.
C. 160.
D. 280.
A. 175.
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Government expenditures as a percentage of GDP in the U.S. increased from 1950 to 1975 but decreased sharply during the recession that began in 2008
a. True b. False Indicate whether the statement is true or false
In 2015, the total income of all U.S. residents was approximately $16 trillion
a. True b. False Indicate whether the statement is true or false
If an economy is closed and wishes to increase its investment spending:
A. its only source of funding is domestic saving. B. its sources of funding are domestic and foreign saving. C. the government will need to increase its spending to provide for this. D. the government will increase taxes to provide for this.
Which of the following statements is true?
A. The average farm has gone from 500 acres in the 19th century to 100 acres today. B. The Freedom to Farm Act of 1996 ended government payments to farmers. C. Despite hundreds of billions of dollars on farm price-support payments since World War II, the family farm is vanishing. D. About 20 million people live on farms today.