Which of the following contains the two sectors whose percentage contribution to the real GDP has declined since 1900?
A. Manufacturing and exports.
B. Services and exports.
C. Farming and manufacturing.
D. Farming and services.
Answer: C
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If the government uses fiscal policy to close a recessionary gap, government
A) expenditure must be increased by more than the gap because of the government expenditure multiplier. B) taxes must be cut by more than the gap because of the tax multiplier. C) expenditure can be increased by less than the gap because of the government expenditure multiplier. D) taxes can be raised by less than the gap because of the tax multiplier. E) taxes must be raised by more than the gap because of the tax multiplier.
Firms use hostages
A) to force employees to work. B) to encourage good behavior. C) to get employees to work for less money. D) None of the above.
Tom is an organic gardener. When Tom produces vegetables only for consumption by his family, a. the value of the vegetables he produces is not included in GDP
b. the value of organic vegetables cannot be included in GDP, because organic production does not fit a category of GDP. c. if Tom registers his garden with the Department of Agriculture, the value of his vegetables will be included in GDP. d. the value of farm production is not a part of GDP.
Which of the following, according to the Maastricht treaty, was a condition for participating in the common currency area?
A) a relatively small budget deficit-to-GDP ratio B) at least half the population of the country must speak German, French and English C) a promise that any future devaluations will be announced in advance D) the replacement of the country's prime minister with an appointee of the new "United States of Europe" E) a relatively small amount of foreign aid to countries outside the area