In some countries it is time consuming and costly to establish ownership of property. Reforms to reduce these costs would likely
a. have no affect on either real GDP nor productivity
b. raise real GDP and productivity.
c. raise real GDP but not productivity.
d. raise productivity but not real GDP.
b
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Consumer surplus is equal to
A) marginal benefit minus price summed over the quantity consumed. B) price minus marginal benefit summed over the quantity consumed. C) marginal benefit summed over the quantity consumed. D) price multiplied by the quantity consumed. E) marginal benefit plus price summed over the quantity consumed.
The debt-GDP ratio
A) fell sharply after 1997 due to a high output ratio and higher income tax rates. B) rose from 1981-1992 due to large budget deficits. C) began to decline in 1993. D) all of the above.
When both internal and external costs for using a scarce resource are included, then there is
A) an increase in the production of the good. B) a negative externality. C) an increase in the price of the good. D) a positive externality.
The relationship between government spending and the price level explains the:
A. upward-sloping aggregate demand curve. B. downward-sloping aggregate demand curve. C. perfect elasticity of the aggregate demand curve. D. None of these is true.