If GNP is $625 billion, receipts of factor income from the rest of the world are $25 billion, and payments of factor income to the rest of the world are $50 billion, then GDP is
A. $550 billion.
B. $600 billion.
C. $650 billion.
D. $700 billion.
Answer: C
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Which of the following statements best describes the economic short run?
A) It is a period during which at least one of the firm's inputs is fixed. B) It is a period during which fixed inputs become variable inputs because of depreciation. C) It is a period during which firms are free to vary all of their inputs. D) It is a period of one year or less.
In the aggregate expenditures model, a tax increase causes a(n):
a. upward shift in the aggregate expenditures curve. b. downward shift in the aggregate expenditures curve. c. shift in the 45-degree line. d. rightward movement along the aggregate expenditures curve. e. leftward movement along the aggregate expenditures curve.
High expected inflation leads to ________ increases in wages and costs and to ________ actual inflation.
A. small; high B. large; low C. large; high D. small; low
There are frequently situations where you have information on the conditional distribution of Y given X, but are interested in the conditional distribution of X given Y
Recalling Pr(Y = y = x) = , derive a relationship between Pr(X = x = y) and Pr(Y = y = x). This is called Bayes' theorem. What will be an ideal response?