Which of the following is NOT directly included in U.S. GDP?
A) sales to tourists of beach umbrellas in Hilton Head, South Carolina
B) ticket sales to Ripley's Aquarium in Gatlinburg, Tennessee
C) sales of sandwiches at a Subway store in Bangor, Maine
D) popcorn purchased by a movie theater chain in Georgia
E) movie tickets purchased by consumers in Georgia
D
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All else equal, an increase in the rate of inflation ________ aggregate spending and ________ short-run equilibrium output.
A. increases; decreases B. increases; increases C. decreases; decreases D. decreases; increases
Which of the following is NOT an entitlement?
A) federal government salaries B) Medicare C) Medicaid D) Social Security
Command-and-control regulation, as compared to incentive-based regulation, is:
a. efficient in the short run and in the long run. b. efficient in the short run, but not in the long run. c. inefficient in the short run, but efficient in the long run. d. inefficient in the short run and long run.
According to the theory of rational expectations, the government can influence output
a. with appropriate fiscal and monetary policy. b. in the short run, but not in the long run. c. without affecting the price level. d. only by making unexpected changes that impact aggregate demand.