Which of the following is true?
a. The GDP gap is the difference between full-employment real GDP and actual real GDP.
b. All of the answers are correct.
c. We desire economic growth because it increases the nation's standard of living.
d. Discouraged workers are a reason critics say the unemployment rate is understated.
e. Economic growth is measured by the annual percentage increase in a nation's real GDP.
b
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Suppose the world price of a shirt is $10. If the United States imposes a tariff of $5 a shirt, then the price of a shirt in the
A) world rises to $5. B) United States rises to $15. C) United States falls to $5. D) world rises to $15 E) world falls to $5.
If the "Marginal Congestion Cost" for a public good is constant then the optimal number of users is infinite
a. True b. False
In the long run, a perfectly competitive firm earns no accounting profits
a. True b. False Indicate whether the statement is true or false
Which of the following is a normative statement?
a. If tax rebate checks are sent in August, retail sales will improve in September. b. Tax code simplification will result in less expenditure on accounting services. c. If interest rates go up, consumption expenditures will fall. d. Tax code simplifications should include reduction of all tax rates.