Total spending in a nation is its gross national product
a. True
b. False
Indicate whether the statement is true or false
False
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"Inflation acts as a tax because the government gains purchasing power." Is the previous statement correct or incorrect?
What will be an ideal response?
Tariffs are different from quotas because they
a. increase government revenue. b. increase profits. c. increase the quantity traded. d. place all the burden on foreigners.
When a good is excludable:
A. one person's consumption prevents or decreases others' ability to consume it. B. it is possible for sellers to prevent its use by those who have not paid for it. C. the government has specific import policies limiting its supply. D. consumers have a perception of scarcity of that good.
Which of the following is not a supply-side policy to cure inflation?
A. Incentives to encourage saving. B. Reduced import barriers. C. Lower interest rates. D. Reduced marginal tax rates.