Recall the Application about using value added to measure the size of Walmart to answer the following question(s). According to this Application, by using a value-added approach to measure Wal-Mart's sales in 2017 and its impact on the economy, we are:
A. using a chain-weighted index.
B. avoiding double-counting.
C. including GDP as a measure of welfare.
D. excluding the net foreign sector.
Answer: B
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Since World War II, the share of total income going to the bottom 20 percent of U.S. households has
A) fallen by 20 percent. B) increased by 10 percent. C) remained constant. D) more than doubled.
Markets for pollution rights:
a. have never been tried in the United States. b. assign property rights to those who value them least. c. allow the government to assign property rights. d. enable those who value them most to pollute.
If nominal GDP increases by 4 percent, then
a. real output has increased by 4 percent b. the price level has increased by 4 percent c. consumer spending must have increased by 4 percent d. it is possible that all of the increase was caused by an increase in the price level e. net exports increased by 4 percent
Which of the following is an example of positive rate of time preference?
a. buying a movie ticket the night the movie comes out b. waiting to read your favorite book until it comes out in paperback c. waiting until the new model of the car you want comes out d. none of the above are examples of the positive rate of time preference