Unemployment compensation payments
a. rise during a recession and thereby help stimulate consumption.
b. rise during a recession and thereby retard consumption.
c. rise during economic expansion and thereby help stimulate consumption.
d. rise during economic expansion and thereby retard consumption.
A
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Assume monetary equilibrium exists—that is, the desired and the actual supply of money are equal—when nominal GDP equals $480 billion and the money supply is $160 billion. According to a strict monetarist view, an increase in the money supply of $10
billion will increase the nominal GDP by: A. $30 billion. B. $25 billion. C. $20 billion. D. $10 billion.
Research in history and economic history shows that before 1880,
(a) there was some government intervention in the private sector of the American economy. (b) there was substantial federal regulation of private business organization but little influence in the economy otherwise. (c) the regulation and participation that existed were usually of a background nature and were not concerned with the details of day-to-day private business. (d) laissez faire was the rule so far as the federal government was concerned.
Which of the following best defines a network externality?
a. the study of strategic interactions among economic agents b. the costs involved in changing from one product to another brand or in changing suppliers c. a strategy that will be optimal regardless of opponents’ actions d. when the number of other people purchasing the good influences quantity demanded
The service a homeowner performs when she mows her yard is not included in GDP because:
A. This is a nonmarket transaction
B. This is a nonproduction activity
C. This is a noninvestment transaction
D. Multiple counting would be involved