Which of the following is correct for the Irish economy?
(a) GNP=GDP-NFY.
(b) GDP=GNP+NFY.
(c) GNP=GDP+NCT.
(d) GDP=GNP-NCT.
Ans: (a) GNP=GDP-NFY.
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"Granger laws" were early efforts by states to regulate the railroads and were
a. were severely limited in scope through litigation, b. generally outlawed both place and person discrimination, c. established commissions with the power to investigate complaints d. All of the above
When policy makers base their actions on a rule there is
A) rationalization policy making. B) passive policy making. C) rational expectations policy making. D) active policy making.
During the expansion phase of the business cycle, we would normally expect to see real income ____, price level ____, and unemployment rate ____.
a. increasing; increasing; increasing b. increasing; decreasing; decreasing c. increasing; increasing; decreasing d. falling; increasing; increasing
Adjusting GDP downward for the impact industry has on the environment results in a number that is greatly disputed, but is often referred to as
A. "environment-neutral GDP."
B. "resource-adjusted GDP."
C. "green GDP."
D. "eco-output."