Compared to high-income developed countries, the per person income levels of poorer less developed countries are somewhat understated because
a. the GDP figures omit the production within the household sector, which is generally larger in the high-income countries.
b. the GDP figures omit the production within the household sector, which is generally larger in the poorer countries.
c. the GDP figures omit net exports, which are generally larger in the high income countries.
d. the GDP figures omit net exports, which are generally larger in the poorer countries.
B
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The Fed was committed to keeping interest rates low to assist Treasury financing of budget deficits
A) only during World War I. B) during the Great Depression. C) during World War I and World War II. D) throughout the entire existence of the Fed.
Suppose the Swiss franc rises against the British pound but falls against the Japanese yen. What happens to the prices of goods imported into Switzerland?
A) Both British and Japanese goods fall in price. B) Both British and Japanese goods rise in price. C) British goods rise in price while Japanese goods fall in price. D) British goods fall in price while Japanese goods rise in price.
When a tax is imposed on a good for which the supply is relatively elastic and the demand is relatively inelastic,
a. buyers of the good will bear most of the burden of the tax. b. sellers of the good will bear most of the burden of the tax. c. buyers and sellers will each bear 50 percent of the burden of the tax. d. both equilibrium price and quantity will increase.
In the short run it is impossible for an expansion of output to increase:
A. average total cost. B. average fixed cost. C. marginal cost. D. average variable cost.