The GDP deflator is:
A. one way of summarizing how prices have changed across the entire economy.
B. a measure of the overall change in prices in an economy, using the ratio between real and nominal GDP.
C. a weighted average of all of the individual price changes in the economy.
D. All of these statements are correct.
Answer: D
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A quota
A) makes domestic producers worse off. B) makes domestic consumers worse off. C) makes both domestic producers and consumers better off. D) makes everyone worse off.
The new growth theory that arose in the late 1980s has been described as ________ because it treats technological change as ________
A) exogenous, random unpredictable shocks B) exogenous, generated by market incentives C) endogenous, random unpredictable shocks D) endogenous, generated by market incentives
Seymour owns 3 acres of beautiful waterfront property on a large inland lake. In his will, Seymour donates the land to the state with the understanding that the land will be used as a state beach. Seymour wants an efficient way to prevent overcrowding at the beach, so he should require
a. that all beach visitors pay the same entry fee regardless of the day of the week or time of the year. b. that the beach limit the number of visitors to 500 per day, without an entry fee. c. an entry fee be charged on summer weekend days when many people tend to visit the beach. d. that only local residents be admitted to the beach.
An investment tax credit creates jobs mostly for the year in which it is granted.
Answer the following statement true (T) or false (F)