The government component (G) of total output includes goods and services purchased by
A. the federal government plus transfer payments.
B. all government institutions plus transfer payments.
C. all government institutions.
D. all government institutions plus tax revenues.
Answer: C
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An increase in the employment tax should have a relatively small effect on output if the labor supply curve
A) is perfectly horizontal. B) has a positive slope. C) is relatively flat. D) is relatively stee
Which of the following is not correct?
a. The inflation rate is measured as the percentage change in a price index. b. For the last 40 or so years, U.S. inflation hasn't shown much variation from its average rate of about 2 percent. c. During the 19th century there were long periods of falling prices in the U.S. d. Some economists argue that the costs of moderate inflation are not nearly as large as the general public believes.
The general approach to obtaining fully robust standard errors and test statistics in the context of panel data is known as _____.
A. confounding B. differencing C. clustering D. attenuating
The total welfare associated with a market that includes a government sales tax equals
A) consumer surplus plus producer surplus. B) consumer surplus plus producer surplus minus government tax revenue. C) consumer surplus plus producer surplus plus government tax revenue. D) the government tax revenue.