Which of the following sectors contributes the largest amount to the U.S. GDP?
A.) Farming.
B.) Manufacturing.
C.) Services.
D.) Exports.
C.) Services.
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
If the government raises taxes ________
A) planned expenditures fall B) equilibrium output falls C) the IS curve shifts to the left D) all of the above E) none of the above
According to the signaling theory of education,
a. schooling sends signals to employers in much the same way that advertising sends signals to consumers. b. a person becomes more productive by earning a college degree. c. education is less important than natural ability. d. All of the above are correct.
Which of the following statements is true?
a. The proper scope of antitrust laws is well defined and definite. b. Antitrust laws focus on granting certain firms the option to form a cartel. c. Policymakers have the difficult task of determining whether some firms' decisions have legitimate purposes even though they appear anti-competitive. d. There is always a need for policymakers to try to limit a firm's pricing power, regardless of whether the firm's market is competitive, a monopoly, or an oligopoly.