In 1791, what percentage of America's clothing was homemade?
a. 10%–20%
b. 30%–40%
c. 60%–80%
d. 95% or more
c. 60%–80%
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The expenditure approach to measuring GDP is done by using data on only
A) consumption expenditure. B) consumption expenditure and investment. C) consumption expenditure, investment, government expenditure on goods and services, and net exports of goods and services. D) consumption expenditure, investment, and government expenditures. E) wages, rent, interest, and profit.
Having the government issue permits that allow polluting
A. would decrease the levels of pollution. B. is an example of a command-and control regulation. C. would penalize companies that were good at curbing their pollution. D. has been very ineffective in curbing pollution.
Because of the United States' long-standing trade deficit with Japan, the supply of U.S. dollars in Japan has increased. Which of the following is true about this situation?
A. The trade deficit will continue to increase in size as Japan gains more U.S. dollars and economic strength. B. We cannot say anything for sure about the trade deficit other than that it exists. C. The value of the U.S. dollar will decrease in terms of the yen, ceteris paribus, thereby reducing the trade deficit. D. Trade restrictions on Japanese imported goods are ultimately the only way to reduce the trade deficit.
If unemployment is below the NAIRU, inflation generally:
A. becomes negative. B. gets caught in a downward spiral. C. decelerates. D. accelerates.