Answer the following questions true (T) or false (F)
1. The values of real GDP and real GNP are almost the same for the United States.
2. The values of real GDP and real GNP are almost the same in countries where a significant fraction of domestic production takes place in foreign-owned firms.
3. Disposable personal income is equal to personal income minus personal tax payments.
1. TRUE
2. FALSE
3. TRUE
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When prices are allowed to fluctuate after a crisis, such as Hurricane Katrina, the high prices
A) provide information to suppliers about where goods and services are most highly desired. B) are evidence of price gouging. C) justify government intervention. D) All of the above.
MacDougall's results can be interpreted as
A) evidence against the classical model. B) evidence against the Heckscher-Ohlin model. C) support for the classical model. D) support for the Heckscher-Ohlin model.
A government's budget deficit is equal to
A) the change in the value of bonds issued plus the change in the money supply. B) the change in the value of bonds issued minus the change in the money supply. C) the change in the money supply minus the change in the value of bonds issued. D) either the change in the value of bonds issued or the change in the money supply.
If the painting firms in a city sign a contract outlining a pricing plan, they are involved in
A) price regulation. B) collusion. C) price competition. D) a legal form of business contract in the United States.