Which of the following is added to arrive at GDP?
a. The value of "free" household services provided by at home spouses rather than a paid cook, housekeeper, and baby sitter.
b. The value of unpaid volunteer time
c. The unpaid services provided by the natural environment, such as breathable air.
d. Net exports.
d
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In research, what is the importance of experiments? What is meant by randomization in experiments?
What will be an ideal response?
The impact of a change in taxes on income is likely to be less than the effect resulting from a change in government spending since ________
A) the federal government typically operates in a deficit situation B) exports and imports can only assume positive values, but net exports can be positive or negative C) changes in the supply of money will be necessary if government spending is increased D) changes in taxes exert an indirect impact on total spending through changes in consumption
The figure below shows the U.S. market for imported wine. For simplicity, we consider export supply curves to be flat. Chilean wine is available for $480 per barrel and French wine is available for $420 per barrel.
Suppose the United States has a tariff of $80 per barrel on imported wine. Then, the United States joins a trade bloc with Chile. What is the net effect of joining the trade bloc on U.S. well-being?
A. The national welfare increases by $250 billion. B. The national welfare decreases by $800 million. C. The national welfare increases by $50 million. D. The national welfare decreases by $550 million.
The Banking Acts of 1933 and 1935
A) established the Federal Reserve System. B) increased central control of the Federal Reserve System. C) eliminated the authority of the Board of Governors to set reserve requirements. D) made the Secretary of the Treasury a member of the Board of Governors.