Over the past century, the main factor responsible for rising living standards in the United States has been productivity growth
a. True
b. False
Indicate whether the statement is true or false
True
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Which is an example of restrictive fiscal policy?
A) An increase in the discount rate B) An increase in the federal funds rate C) An increase in reserve requirements D) A lowering of tax rates E) A lowering of government spending
If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000
a. True b. False Indicate whether the statement is true or false
A real estate salesperson sells a house in 2015 that was built in 2005. How does this transaction get counted in the GDP statistics?
A. The price of the house and the real estate salesperson’s commission are both included in 2015’s GDP. B. Neither the price of the house nor the commission is included in 2015’s GDP. C. The real estate salesperson’s commission but not the price of the house is included in 2015’s GDP. D. The price of the house would be included in both 2005’s GDP and the GDP for 2015.
Government can raise GDP by $1,000 billion by
A. raising government purchases B. reducing taxes C. increasing transfer payments D. all of the above