Which of the following expenditures would be included when we measure GDP?
A) Expenditures on illegal drugs
B) Expenditures on illegal weapons
C) Expenditures on medical services associated with drugs and crime
D) All of the above.
E) None of the above.
C
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This Application showed that
A) the WTO can affect the actions of member countries, but rapid resolution of disputes requires ongoing negotiations between countries. B) decisions by the WTO can lead to further conflicts between countries. C) it may take years for decisions by the WTO to take effect. D) all of the above
A grower of commercial Christmas trees can raise blue spruce and Douglas fir. Therefore, an increase in the expected market price of Douglas firs tends to
A) reduce the planting of Douglas firs. B) reduce the planting of blue spruce trees. C) increase the cost of planting Douglas firs. D) do none of the above.
The automatic mechanism ________ the price level in the case of ________ and ________ the price level in the case of ________
A) lowers; recession; raises; expansion B) raises; expansion; raises; recession C) raises; recession; lowers; expansion D) lowers; expansion; lowers; recession
The Federal Reserve econometric model estimates that a 1 percent increase in the money supply will
A) increase real GDP by 1 percent after 3 years. B) increase real GDP by 2 percent in 3 years. C) increase real GDP by 3 percent 3 years. D) have no effect on real GDP after 2 years.