Which of the following would be included in the income approach to calculating U.S. GDP?
a. Wage and salary payments to U.S. workers
b. Purchases of automobiles by households
c. Government purchases of guns and tanks and bombs
d. Purchases of new trucks by Federal Express
e. Purchases of new tractors by farmers
A
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"Any social planner who implements efficient outcomes will produce the same output in a given market as the competitive market would." In addition to the conditions of the first welfare theorem, which of the following have to hold in order for the statement in quotes to be true?
A. Consumer tastes are quasilinear. B. Consumer tastes are homothetic. C. Production frontiers are homothetic. D. Both (a) and (c). E. Both (b) and (c). F. None of the above.
The president from which Federal Reserve Bank always has a vote in the Federal Open Market Committee?
A) Philadelphia B) Boston C) San Francisco D) New York
During World War II, price controls were necessitated as shortages emerged in consumer markets. This required
(a) the federal government to ration goods through tickets. (b) the federal distribution of rationing points. (c) a forced reduction in private consumption. (d) all of the above actions.
Governments like to know the price elasticity of demand because it helps them determine how changes in sales tax rates will affect:
A. tax revenues. B. government spending. C. income. D. profits.