If a $10 increase in government expenditure produces a change of $17 in gross domestic product, the value of the government expenditure multiplier is ________
A) 27 B) 1.7 C) 7 D) 170
B
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The exchange rate converts
a. one currency value to another b. labor units to output units c. miles to kilometers d. physical capital units to human capital units e. none of the above
If a country's currency has a market driven value that is higher than economic theory would suggest, the currency is considered to be
A) overvalued. B) undervalued. C) overestimated. D) in arbitrage.
Leontief found that
A) U.S. exports are capital intensive relative to U.S. imports. B) U.S. imports are labor intensive relative to U.S. exports. C) U.S. exports are neither labor nor capital intensive. D) None of the above.
When the Social Security payroll tax exceeds the wage limit, it becomes a ________ tax.
a. progressive b. regressive c. excise d. marginal