Data from the Bureau of Labor Statistics show that consumer spending on medical care is about equal to consumer spending on housing
a. True
b. False
Indicate whether the statement is true or false
False
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An increase in exports of goods or services with no change in imports of goods or services
A) decreases GDP. B) increases GDP. C) may increase or decrease GDP depending on whether it is the export of goods or the export of services that increased. D) has no effect on GDP.
You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. If inflation over the year is 2%, what is the real interest rate you are paying?
A) 2% B) 2.5% C) 3% D) 5%
Economist A. P. Lerner's idea that equality of income maximizes society's welfare is based on the assumption that
a. individuals have dissimilar utilities, but private property ownership distorts individual utilities so that no income distribution exists that reflects true utilities b. individuals are egalitarian c. individuals have identical utility functions d. individuals have identical skills e. individuals would voluntarily choose income equality
The highest-income fifth of the U.S. population earns more than 50 percent of all income
a. True b. False Indicate whether the statement is true or false