Refer to the above data. The expenditures approach to GDP calculation can be done by adding:
a. 1 through 7
b. 8 through 13
c. 2 through 7
d. 8 through 11
Answer: d. 8 through 11
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The Laffer curve shows the relationship between tax
a. revenue and tax rates b. revenue and take-home pay c. revenue and government spending d. rates and take-home pay e. rates and government spending
Pens are normal goods. What will happen to the equilibrium price of pens if the price of pencils rises, consumers experience an increase in income, writing in ink becomes fashionable, people expect the price of pens to rise in the near future, the population increases, fewer firms manufacture pens, and the wages of pen-makers increase?
a. Price will rise. b. Price will fall. c. Price will stay exactly the same. d. The price change will be ambiguous.
Exclusion restrictions are said to be imposed in a two-equation simultaneous equations model if it is assumed that:
A. certain exogenous variables do not appear in the first equation and others are absent from the second equation. B. certain endogenous variables do not appear in the first equation and others are absent from the second equation. C. the error terms in each equation is correlated with the exogenous variables. D. the error terms in each equation is uncorrelated with the exogenous variables.
A typical capital gain is experienced by
A. holding government bonds. B. only investment bankers. C. holding stock of large corporations. D. selling stock or a mutual fund.