Which of the following is not classified as a service in the current account?
a. transportation
b. insurance
c. tourist expenditures
d. income earned from foreign investments
e. unilateral transfers
E
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Explain how an increase in government expenditure designed to increase aggregate demand can increase potential GDP and aggregate supply
What will be an ideal response?
At low wages, the labor supply curve for most people slopes upward because
A) the demand for labor is perfectly elastic at low wages. B) as wages increase the opportunity cost of leisure increases. C) as wages increase income also increases unless hours worked decrease. D) the supply of labor is perfectly inelastic at low wages.
The idea of interchangeable parts, which was an important aspect of the American System of Manufacturing, is attributed by Hughes and Cain (2011) to
(a) Henry Ford, who used it in the production of automobiles. (b) Adam Smith, who suggested it in his book The Wealth of Nations. (c) Thomas Jefferson, who used it in his "nailery" on his plantation. (d) Eli Whitney, who used it in the production of guns.
If a voter expects to have little effect on government choices, that voter's behavior will reflect
a. rational ignorance b. a cyclical majority c. rent seeking d. vote trading e. a zero-sum game