In 2015, imports made up ________ percent of the U.S. economy.
A. 17
B. 5
C. 1
D. 14
Answer: A
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A tax on productive activity tends to
a. increase formal market activity because it decreases prices b. decrease formal market activity because it increases work incentives c. decrease formal market activity because it lowers the return on such activity d. decrease activity in the underground economy because people are afraid of being connected with tax fraud e. increase activity in the underground economy because people are afraid of being connected with tax fraud
Other things equal, the supply of labor will be higher to a job that
a. offers less prestige b. offers fewer nonmonetary rewards c. provides little on-the-job training d. requires advanced education or skills e. provides a climate-controlled work environment
Which of the following is false about potential output?
A. It is the level of output an economy can achieve when labor is employed at its natural level. B. It is the long run output level that guarantees price stability. C. If a country is producing its potential output, then it is producing at a point on its production possibilities frontier. D. It is also called the natural level of real GDP.
The Council of Economic Advisers gives economic advice to the:
A. Federal Reserve System. B. president. C. U.S. Senate. D. U.S. House of Representatives.