Being able to measure the behavior of the economy with statistics such as GDP
a. is useful only in the accounting sense.
b. is all that is necessary in order for us to be able to understand macroeconomics.
c. can be helpful in developing macroeconomic science, but is not useful for policy making.
d. is a crucial step toward developing the science of macroeconomics.
Ans: d. is a crucial step toward developing the science of macroeconomics.
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Economies cannot function without money
Indicate whether the statement is true or false
Suppose the actual rate of unemployment is 4 percent. What is the natural rate of unemployment if actual output equals potential output?
A. ?4 percent B. 4 percent C. 0 percent D. 2 percent
The main difference between sales and excise taxes is that:
A. sales taxes apply to a wide range of products, while excise taxes apply only to a select group of products. B. excise taxes apply to a wide range of products, while sales taxes apply only to a select list of products. C. sales taxes are consumption taxes, while excise taxes are not. D. excise taxes are consumption taxes, while sales taxes are not.
Which practice helps health insurance companies overcome the problem of adverse selection?
A. They sell insurance only to unhealthy people. B. They sell insurance only to healthy people. C. They have switched to the experience rating system. D. All of these.