Among the major industrial economies, which of the following had the lowest national debt as a percent of GDP?
a. Canada
b. Australia
c. United States
d. Italy
b
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In computing GDP, it is essential to
A) avoid double counting. B) include government transfer payments. C) include government tax revenues. D) count all intermediate products directly as they are produced.
The referendum version of the median voter model allows voters to vote on a series of marginally increasing quantities of a good
a. True b. False
During normal times
A) fiscal policy is very effective because it the effects of fiscal policy will swamp automatic stabilizers and time lags can be. B) fiscal policy can immediately correct problems in the economy. C) the Ricardian equivalence theorem makes fiscal policy very effective. D) fiscal policy is not effective because of the recognition time lag.
If an individual is maximizing his or her utility, his or her marginal rate of substitution of leisure hours for consumption will be:
a. equal to one divided by his or her wage rate. b. greater than one divided by his or her wage rate. c. equal to his or her wage rate. d. less than his or her wage rate.