A line is parallel to the vertical axis. The slope of the line is
A) zero.
B) infinite.
C) indicative of an inverse relationship between two variables.
D) indicative of a direct relationship between two variables.
E) b and d
B
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Which of the following activities is excluded from GDP, causing GDP to understate a nation's production?
A. The services of health care workers B. The services of military personnel C. Goods and services produced in the underground economy D. The construction of new buildings
Assume that the central bank increases the reserve requirement. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the GDP Price Index and net nonreserve-related international borrowing/lending in the context of the Three-Sector-Model?
a. The GDP Price Index falls, and net nonreserve-related international borrowing/lending becomes more negative (or less positive). b. The GDP Price Index rises, and net nonreserve-related international borrowing/lending becomes more negative (or less positive). c. The GDP Price Index falls, and net nonreserve-related international borrowing/lending becomes more positive (or less negative). d. The GDP Price Index and net nonreserve-related international borrowing/lending remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
"The U.S. government should not use my tax dollars to subsidize people on welfare"
A. is a normative economic statement because it is a scientific fact. B. is a normative economic statement because it involves a value judgment about an economic policy. C. is a positive economic statement because it predicts that my tax dollars will go to welfare. D. is a positive economic statement because it simply describes one person's opinion.
Applying the concept of opportunity cost to the pollution of a lake, an economist probably would conclude that:
A. pollution should be eliminated as long as the opportunity cost of a cleanup exceeds the cost of the resources required for the cleanup. B. pollution should be eliminated as long as the benefit from a cleanup exceeds the opportunity cost. C. no pollution in the lake should be eliminated regardless of benefit. D. all pollution in the lake should be eliminated regardless of cost.