When the average price level in the United States, relative to the average price level in other countries, falls, this tends to
A. raise imports and exports.
B. lower imports and exports.
C. raise imports and lower exports.
D. lower imports and raise exports.
D. lower imports and raise exports.
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
In the GDP accounts, investment includes the purchase of newly issued shares of stock
Indicate whether the statement is true or false
With a monopoly, the consumer’s surplus is lower than it would be with a perfectly competitive industry.
Answer the following statement true (T) or false (F)
When computing national income, which of the following is included in compensation of employees?
A) wages and salaries paid to employees B) employers' contributions to Social Security and employee benefit plans C) the monetary value of fringe benefits, tips, and paid vacations D) all of the above