Assuming an inflationary gap exists, classical economists believe that flexible wages will restore full employment
a. True
b. False
Indicate whether the statement is true or false
True
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Gross domestic product understates the total production of final goods and services because of the omission of
A) intermediate goods. B) exports. C) inflation. D) the underground economy.
Which of the following are not thrift institutions?
A) Savings and loan associations (S&Ls) B) Mutual savings banks C) Money market mutual funds D) Credit unions
GDP and GNP may differ
A) because some income generated by domestic production may be received as income by foreign residents. B) because some intermediate good inputs are imported. C) because some workers are illegal aliens. D) whenever tariff rates become excessively high.
The Clayton Act of 1914 was labeled "Labor's Magna Carta." This act recognized labor as property and deemed that it could not be treated as an article of commerce
Indicate whether the statement is true or false