Countries with a large GDP must also have a large per-capita GDP
Indicate whether the statement is true or false
False
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The time lags, which must be either reduced or known with some precision if fiscal policy is to be an effective stabilizing technique, are the lags between
A) the beginning of a cyclical movement and its recognition. B) the decision that compensatory action should be taken and the enactment of tax or expenditure changes. C) the increase or decrease in net government receipts and their final effects on total spending. D) all of the above, because a significant miscalculation with respect to any of these lags could increase aggregate instability.
Three hurricanes, combined with the already high real-estate prices, have made people reconsider whether to retire to Florida. The cost of homeownership has increased due to stricter building codes. The influx of retirees is expected to rise. Which of the following factors is tending to move the demand curve for Florida housing to the right?
A. The aging of the baby boomers, increasing the number of people who are retiring B. The current high construction costs C. The increase in the cost of insurance D. The already high real-estate prices
Recall the Application about the opportunity cost of an entrepreneur to answer the following question(s).Recall the Application. Which of the following would be included as an opportunity cost of renting your house through Airbnb?
A. opportunity cost of time sending emails B. opportunity cost of cleaning the house C. fees to Airbnb D. All of these are part of the costs.
What is the assumption underlying public-choice theory?
A) Elected officials believe in cooperating with one another and they seek to avoid competition among themselves. B) The costs and benefits of being efficient are the same whether one is in the private sector or in the public sector. C) Individuals act within the political process to improve their own individual well-being. D) Resources in the public sector are not scarce.