The Italian government collects a smaller amount of the taxes it is owed than the U.S. government. Other things being equal,
a. U.S. and Italian GDP should be equal.
b. U.S. GDP should be higher than Italian GDP.
c. U.S. GDP should be lower than Italian GDP.
d. U.S. residents are better off than Italian residents.
b
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Which of the following is not included in the M1 money stock?
a. small time deposits b. demand deposits c. checking account deposits d. travelers' checks e. cash in the hands of the public
Stock
When demand increases in a perfectly competitive market, in the short run ________, and in the long run ________.
A. quantity supplied increases; supply decreases B. quantity supplied increases; supply increases C. quantity supplied decreases; supply increases D. quantity supplied decreases; supply decreases
Last year the imaginary nation of Panglossia had real GDP of 400 billion. This year it had real GDP of 472.5 billion. Which of the following changes in population is consistent with a 5 percent growth rate of real GDP per person over the last year?
a. The population decreased from 75 million to 72 million. b. The population decreased from 60 million to 50 million. c. The population increased from 70 million to 80 million. d. The population increased from 80 million to 90 million.