During the Iraq War, many of Iraq's oil refineries were destroyed. This would best be represented by a
A. movement up Iraq's production possibility frontier.
B. shift of Iraq's production possibility frontier toward the origin.
C. movement down Iraq's production possibility frontier.
D. movement off Iraq's production possibility frontier to some point inside the frontier.
Answer: B
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GDP is best defined as the ________ in a given time period
A) number of final goods and services produced within a country B) market value of the final goods and services produced within a country C) market value of the final goods and services consumed by a nation's citizens D) number of goods and services produced within a country E) market value of all the goods and services produced within a country
During a recession, unemployment benefit payments increase without the need for any government action. This increase is an example of
A) discretionary monetary policy. B) discretionary fiscal policy. C) automatic fiscal policy. D) government expenditure but it is not an example of either discretionary or automatic policy. E) automatic monetary policy.
U.S. taxpayers spend many hours during the year maintaining records for tax purposes and preparing their income tax returns. This administrative cost
A) is part of the deadweight loss of taxation. B) is larger for individuals in the lowest income quintile than for individuals in the highest income quintile. C) is equal to the value of consumer surplus associated with the income tax system. D) can be claimed as a deduction on income tax returns.
The increase in bank supervision in the United States in the 1980s and early 1990s was due to an increase in bank
A. profits. B. ownership of common stocks. C. failures. D. deposits and loans.