"Tariffs today in the United States are much higher than in the past." Is the previous statement correct or incorrect?
What will be an ideal response?
The statement is most decidedly incorrect. U.S. tariffs today are lower compared to what they were in the past.
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In Econland total output is $8 billion, population equals 500,000 people, and, of these, 400,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $20,000; $20,000 B. $16,000; $20,000 C. $20,000; $16,000 D. $16,000; $16,000
Double counting occurs when:
A) inputs are included in the calculation of the gross domestic product. B) household production is included in the calculation of the gross domestic product. C) depreciation is included in the calculation of the gross domestic product. D) unsold inventories are included in the calculation of the gross domestic product.
Nancy buys a $150,000 home using $30,000 of her own money and gets a mortgage for the remaining $120,000 . If the price of the house increases 5%, what will Nancy's capital gain be?
a. $30,000 b. $31,500 c. $35,000 d. $37,500 e. $45,550
Which of the following accurately describes the relationship between mortgage default rates and the 2008 recession?
a. The recession of 2008 triggered the initial increase in the mortgage default rate. b. The rise in the mortgage default rate preceded the recession and it was a major cause of the 2008 economic downturn. c. Both the increase in the mortgage default rate and the economic recession were the result of the stock market crash of 2008. d. The rise in the mortgage default rate and the economic recession were separate issues and there was no relationship between the two.