In 2016 final sales equal $350 billion and the change in business inventories is -$60 billion. GDP in 2016
A. is $290 billion.
B. is $295 billion.
C. is $410 billion.
D. cannot be determined from this information.
Answer: A
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Refer to Figure 28-9. A follower of the new classical macroeconomics would argue that a contractionary monetary policy to lower inflation after a supply shock, like that pursued by Volcker in 1979, would result in a movement from
A) C to D to A. B) A to B. C) C to A. D) A to C. E) A to D to C.
___________________________—a term referring to the process of enacting laws that protect individual and entity rights to use their property as they see fit.
a. Property rights b. Rule of law c. Contractual rights d. Compliance rights
When a tax of $1.00 per gallon is imposed on sellers of gasoline, the supply curve for gasoline shifts upward, but by less than $1.00
a. True b. False Indicate whether the statement is true or false
When building a model, an economist must:
A. adjust for exceptional situations. B. provide a complete description of reality. C. make simplifying assumptions. D. develop a set of behavioral equations.