In the long run, the level of output depends on the price level.
Answer the following statement true (T) or false (F)
False
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Which amount is not included in gross domestic product?
A) Payments to a physician for treatment of a respiratory condition caused by air pollution B) The purchase price of a used car bought from a friend C) Wages of government employees D) Wages of people who clean up toxic chemical spills E) Wages of people who sell used cars
The system of land tenure in which tenant farmers pay a fixed share of their crop to landowners is called
(a) communal farming. (b) collective farming. (c) latifundio-minifundio system. (d) sharecropping.
The Shipbreakers of Alang utilize much labor and little capital, thereby supporting the applicability of the
A) factor proportions explanation of the sources of comparative advantage. B) specific factor theory of comparative advantage. C) monopolistic competition theory of comparative advantage. D) scale economies theory of comparative advantage. E) basis of the non-dumping legislation.
Suppose the multiplier effect for Japan is 0.8 for any $1 billion change in U.S. government purchases. Therefore, Japanese real GDP will rise by $8 billion when U.S. government spending rises by $10 billion
a. True b. False Indicate whether the statement is true or false