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Advances in chemical and biological applications before World War I (1914–1918) increased agricultural output per acre
Indicate whether the statement is true or false
If real GDP increased by 2% and nominal GDP increased by 2%, then output: a. increased and the price level increased
b. increased and the price level decreased. c. increased and the price level remained unchanged. d. remained unchanged and the price level increased.
Government expenditures for Social Security and unemployment benefits are examples of
a. government consumption. b. government investment. c. government purchases. d. transfer payments.
Which of the following statements is true?
A) The main items that comprise indirect business taxes include excise taxes, income taxes, and property taxes. B) Capital consumption allowance is also known as depreciation. C) A sales tax is an example of an indirect business tax. D) b and c E) a, b, and c