The following national income data for an economy are in billions of dollars.)
Refer to the above data. Which items need to be accounted for in going from National Income to GDP?
A.
1, 12, and 13
B.
2, 11, and 12
C.
13 only
D.
1 and 2
A.
1, 12, and 13
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In a debate on the state of the economy Senator A pointed out that the price of clothing, fruits, and computers had decreased slightly over the last year, while Senator B stated that the inflation rate had increased over the last year. In this example, aggregate data is being used by:
A. senator A B. senator B C. neither senators D. both senators
Labor productivity is equal to the quantity of
A) real GDP. B) real GDP consumed by the total population in one hour. C) real GDP produced by one hour of labor. D) workers employed during one hour. E) workers who are gainfully employed.
At harvest time the supply of wheat is perfectly inelastic. If the government taxes wheat at $1 a bushel, then
A) the seller pays the entire tax. B) the buyer pays the entire tax. C) the seller and the buyer split the tax evenly. D) the seller and the buyer split the tax but the seller pays more. E) no one pays the tax because the wheat must be harvested or it will go to waste.
Keynesian economists argue that
A) equilibrium real GDP is demand-determined. B) equilibrium real GDP is supply-determined. C) equilibrium real GDP can be reached only in a theoretical economy. D) reaching equilibrium real GDP always results in inflation.