Which approach to calculating GDP would be best to compare consumer activity versus government purchases?
A. The value-added approach
B. The expenditure approach
C. The income approach
D. Any of these measurements will allow that comparison equally well.
Answer: B
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In today's economy, dollar bills serve as money because
A) people have confidence that others will accept them as money. B) they are backed by gold. C) they have a value as a commodity independent of their use as money. D) they can be redeemed for gold by the Federal Reserve.
Who helps calculate GDP in the United States?
A) the Bureau of Economic Analysis B) the Census Bureau C) the Bureau of Labor Statistics D) all of the above E) none of the above
The additional output produced by adding one more unit of an input is the:
A. marginal product. B. average product. C. total production. D. slope of the marginal product curve.
Exporting nations often agree to voluntary export restraints (VERs) in an attempt to:
A. employ more workers in the importing nation. B. avoid more restrictive trade policies. C. increase global welfare. D. decrease inflation.