The economic policy of the U.S. government could have been described as laissez-faire until about
A. 1860.
B. 1900.
C. 1933.
D. 1945.
C. 1933.
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In the long run, an increase in consumer spending would cause output to ________ and the price level to ________
A) rise; rise B) rise; stay constant C) stay constant; stay constant D) stay constant; rise
The incidence of a payroll tax is borne by both employers and employees
a. True b. False Indicate whether the statement is true or false
Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the real GDP and net nonreserve-related international borrowing/lending in the context of the Three-Sector-Model?
a. Real GDP rises, and net nonreserve-related international borrowing/lending becomes more positive (or less negative). b. Real GDP falls, and net nonreserve-related international borrowing/lending falls. c. Real GDP falls, and net nonreserve-related international borrowing/lending becomes more positive (or less negative). d. There is not enough information to determine what happens to these two macroeconomic variables. e. Real GDP and net nonreserve-related international borrowing/lending remain the same.
Average consumption in an economy is best measured by ________, while average productivity in an economy is best measured by ________.
A. output per person; output per worker B. total output; output per worker C. output per worker; total output D. output per worker; output per person