Which is greater, gross domestic product or national income? By how much?
a. Gross domestic product < National income; indirect business taxes, depreciation, and income earned by foreigners in the United States
b. Gross domestic product < National income; net exports and indirect business taxes
c. Gross domestic product > National income; net exports and indirect business taxes
d. Gross domestic product > National income; indirect business taxes, depreciation, and income earned by foreigners in the United States
d
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Of the following OECD countries, which spends the most on health care when measured as a percentage of GDP?
A) the United Kingdom B) Japan C) Canada D) the United States
If the Fed decided to reverse its policy actions implemented during the heart of the recession, the Fed would be acting to try to prevent
A) an increase in deflation. B) a decrease in unemployment. C) an increase in inflation. D) an increase in unemployment.
Budgets deficits can be a concern because they might
A) ultimately lead to higher inflation. B) lead to lower interest rates. C) lead to a slower rate of money growth. D) lead to higher bond prices.
Refer to the above figure. Demand will be elastic when quantity is between
A) 0 and A. B) 0 and B. C) A and B. D) B and C.