Which program forces farmers to destroy millions of dollars' worth of crops each year?
A. Set-asides.
B. The dairy termination program.
C. Marketing orders.
D. Countercyclical payments.
Answer: C
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The multiplier ensures that equilibrium GDP equals full-employment GDP.
Answer the following statement true (T) or false (F)
According to critics of advertising, when advertising is used by a firm, the price of the firm’s product will ______.
a. fluctuate b. stabilize c. increase d. decrease
Answer the following questions true (T) or false (F)
1. Issuing tradable emission allowances to polluting firms will result in those firms polluting more than is socially desirable. 2. A perfectly competitive firm's horizontal demand curve implies that the firm does not have to lower its price to sell more output. 3. The market demand curve for a perfectly competitive industry is the horizontal summation of each individual firm's demand curve.
The "statistical discrepancy" that the NIPA includes in the data is to account for the following, except:
A. To equalize GDP totals produced by the expenditures approach and the income approach B. Errors due to people misrepresenting their incomes on their tax returns C. Difficulty in accurately estimating depreciation D. Household production, or "do-it-yourself" activities of households