Over the last few decades, Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, has
a. reduced measured GDP.
b. not affected measured GDP.
c. increased measured GDP by the value of the restaurant meals.
d. increased measured GDP by the value added by the restaurant's preparation and serving of the meals.
d
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Higher income countries tend to collect _____________ as a percentage of their GDP than do low-income countries.
A. greater tax revenues B. smaller tax revenues C. about the same in tax revenues D. There is really no correlation between a country's wealth and the tax revenues it generates.
If the growth rate of resources is zero and real output is growing at 4 percent, then _____
a. the stock of capital has fallen by 4 percent b. economic growth has fallen by 4 percent c. total factor productivity has risen by 4 percent d. the stock of labor has fallen by 4 percent e. the percentage share of real GDP received by capital has fallen by 4 percent
Relative purchasing power parity is:
a. More accurate the shorter the time period. b. Worse than absolute purchasing power parity at predicting changes in exchange rates. c. Highly inaccurate because of the conflict between monetary policy and fiscal policy. d. More accurate the longer the period of time. e. All the above.
Congress imposes a price ceiling in the market for gasoline. It is below the equilibrium price. This will:
a. Lead to a surplus of gasoline b. Lead to a shortage of gasoline c. Decrease the demand for gasoline d. Increase the demand for large cars