Which of the following products are not included in current U.S. GDP?
a. a Washington apple
b. a Ford Mustang produced last year and sold this year
c. a physical examination at a California health clinic
d. All of the above are included in current U.S. GDP.
b
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Imports are leakages from the circular flow of income and expenditure model
a. True b. False Indicate whether the statement is true or false
If demand is unit elastic, then a 10 percent increase in price will lead to a 10 percent drop in quantity demanded
a. True b. False Indicate whether the statement is true or false
When the Social Security system enters its deficit years and the bonds held in the trust fund are drawn down,
a. overall taxes will be reduced as the trust funds are used to pay benefits to retirees. b. the payroll taxes used to finance Social Security benefits can be reduced because the trust funds will be sufficient to pay the retirement benefits of the baby boom generation. c. taxes will have to be raised (or additional funds will have to be borrowed) in order to redeem the bonds held in the trust fund. d. income taxes will have to be reduced in order to keep the revenues and expenditures of the Social Security system in balance.
Which of the following is true?
A. To fight a depression, Keynes said that the government should spend money on carefully chosen projects. B. According to Keynes, an equilibrium below full employment was a rare occurrence. C. Keynes suggested that savers save and investors invest for different reasons. D. Keynes believed the economy was basically stable.