Which of the following would be most appropriate for the measurement of differences in the average standard of living of people at different points in time?
a. nominal GDP
b. real GDP
c. nominal GDP per capita
d. real GDP per capita
D
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According to Scenario 4-1, country C has net exports of:
a. zero. b. $13 million. c. $6 million. d. ?$13 million. e. ?$6 million.
If monetary policymakers cannot accurately forecast shifts in money demand, what are they really only left with for a short-term policy instrument and why?
What will be an ideal response?
Which of the following is a negative economic effect that might occur if the government instituted a special tax on luxury vehicles?
a. More of the luxury vehicles would be on the road. b. Autoworkers making the vehicles might lose their jobs. c. Pollution from luxury vehicles would be lower. d. Money from the tax could be used for road repairs.
If an agricultural price support keeps a price above the equilibrium market price,
A. There will be redistribution of income from the government to consumers. B. More resources will be devoted to agriculture than are optimal. C. There will be positive market feedback leading to even higher prices. D. Shortages of agricultural products will result.