Exports account for what percent of GDP in the United States?
a. 2 percent
b. 5 percent
c. 11 percent
d. 15 percent
e. 20 percent
C
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Public choice economists point out that under the idea of rational ignorance, people are likely to vote ______.
a. only if they think it will make a difference b. for a losing candidate multiple times c. only for someone they agree with on every issue d. regardless of the burden it places on them
Other things the same, if the price level rises by 2% and people were expecting it to rise by 5%, then some firms have
a. higher than desired prices, which increases their sales.
b. higher than desired prices, which depresses their sales.
c. lower than desired prices, which increases their sales.
d. lower than desired prices, which depresses their sales.
Daniel Hammermesh and Stephen Donald studied the determinants of the earnings of college graduates years after they graduated. Which of the following is one result of their study?
A) Students who took more Advanced Placement (AP) courses while still in high school earned significantly more income for each AP course they passed with a grade of 4 or 5. B) Students who took at least three economics courses earned about 9 percent more income than students who took no college economics courses. C) Students who had taken 15 credits of upper-division science and mathematics courses and earned high grades in these courses earned about 10 percent more than students who took no upper-division classes in these subjects. D) The earnings of identical twins were about 9 percent higher than the earnings of all other students.
In-kind wages are not included in GDP
a. True b. False Indicate whether the statement is true or false