In recent U.S. history
A) GDP has been much higher than GNP.
B) GNP has been much higher than GDP.
C) the difference between GNP and GDP has been very volatile.
D) there has been little practical difference between GNP and GDP.
D
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Because of the multiple tools at its disposal, the Fed can control the money supply very precisely
a. True b. False Indicate whether the statement is true or false
The field of political economy
a. casts aside most of the standard methods of economic analysis. b. is also referred to as the field of public choice. c. is also referred to as the field of macroeconomics. d. produces the conclusion that democratic principles rarely lead to desirable economic outcomes.
Market failure happens when a market does not generate the most efficient outcome.
Answer the following statement true (T) or false (F)
"Taxes are what we pay for a civilized society." This statement was made by
A) Herbert Hoover. B) Adam Smith. C) Franklin Roosevelt. D) Oliver Wendell Holmes.