An increase in government spending is more likely to have a positive impact on jobs and output when
A. real GDP is above potential GDP.
B. the economy is in a recession.
C. the unemployment rate is below the natural rate.
D. the business cycle is near the peak.
Answer: B
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In 2013, the U.S. GDP was approximately
A) $16.79 trillion. B) $5.15 trillion. C) $10.67 trillion. D) ?$890.22 billion. E) ?$25.30 trillion.
The difference between the actual price that a producer receives and the minimum acceptable price the producer is willing to accept is called the producer:
A. Revenues B. Surplus C. Costs D. Utility
Workers in education, healthcare and government sectors have:
A. been hurt because the sector has been shrinking. B. seen their incomes fall just like in manufacturing. C. been mostly hurt from globalization. D. benefited from globalization in terms of lower consumer prices.
A tax that exacts a higher proportion of income from higher-income people than it does from lower-income households is a regressive tax.
Answer the following statement true (T) or false (F)