The requirement that New York City taxi drivers own a "medallion" in order to operate a taxi in the city reduces competition and raises the fares that customers pay
a. True
b. False
A
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If inflation in the United States is lower than inflation in other countries, what will be the effect on net exports for the United States?
A) Net exports will rise as U.S. exports increase. B) Net exports will decrease as U.S. imports decrease. C) Net exports will decrease as U.S. exports decrease. D) Net exports will rise as U.S. imports increase.
Social Security benefits, welfare payments, and farm support payments are examples of:
A. public interest payments. B. transfer payments. C. consumption spending. D. investment spending.
Research on productivity shocks has shown that
A. there have been no identifiable productivity shocks in the U.S. economy since World War II. B. large productivity shocks produce only small deviations in aggregate output. C. productivity shocks have only nominal effects. D. small productivity shocks can explain large business cycle fluctuations.
What can you learn from the figure below (Figure 13-1 from the text) which depicts the U.S. GNP and its components for the year 2009?
What will be an ideal response?