(The following national income data for an economy are in billions of dollars.)
Refer to the above data. The expenditures approach to GDP calculation can be done by adding:
A.
1 through 7
B.
2 through 7
C.
8 through 11
D.
8 through 13
C.
8 through 11
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Compared to the demand for coffee, the market demand for French Roast coffee is likely to be
A. more elastic. B. more inelastic. C. perfectly elastic. D. perfectly inelastic.
Contractionary fiscal policy would be most effective in decreasing inflation when
A. the marginal propensity to consume is low. B. investment spending is insensitive to interest rates. C. the economy has a high marginal tax rate. D. investment spending is sensitive to interest rates.
"The United States has fallen behind Japan and most of Europe in terms of competitiveness." Do you agree or disagree? Why?
What will be an ideal response?
Opponents of government intervention argue that government makes decisions based on:
A. marginal political costs and marginal political benefits. B. marginal social costs and marginal social benefits. C. total costs and total benefits. D. irrational choices.