Government standards for products sold in the domestic market can have the effect of protecting domestic producers from foreign competition
a. True
b. False
Indicate whether the statement is true or false
True
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The United States had the largest real GDP per person until the 2012 when the China's real GDP per person overtook and then exceeded that in the United States
Indicate whether the statement is true or false
The Federal Reserve is divided into 7 districts
Indicate whether the statement is true or false
Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. Suppose that a nationwide quota (of 20) is enforced so that more can be used in a war effort. What is the consumer surplus?
a. 200 b. 400 c. 600 d. 800
If fiscal policy were able to exert a significant impact on the economy during the Great Depression, we would expect
a. an increase in government expenditures and a reduction in budget deficits. b. an increase in government expenditures and an increase in budget deficits. c. a decrease in government expenditures and a reduction in budget deficits. d. a decrease in government expenditures and an increase in budget deficits.