If an economy's GDP falls, then it must be the case that the economy's

A. Income and saving fall

B. Income and market value of all products both fall.

C. Income falls and the market value of all production rises.

d.Income rises and the market value of all production falls.

2. Gross Domestic product measures

a. Income and expenditure.

B. Income

c. Expenditure.

d. Neither.

3. If all quantities produced in the united states rise by 13.4% and all prices fall by 13.4% which of the following occurs?

Does Real GDP rise or fall? Does the nominal GDP rise or fall?

4. Which of the following does not add to US GDP?

a. The federal gov. Sends a social security check to your grandmother.

b. CIty of new york pays a salary to policemen.

c. Air France buys a plane from Boeing, the US aircraft manufacturer.

5. IS the best single measure of a society's economic well-being the unemployment rate or the GDP?

6. Keynesian economics was developed by John Keynes in response to:

A. The great recession.

b. The great depression.

C. Out of control gov. spending.

17. For an economy as a whole,

a. Wages must equal profit.

b. consumption must equal income.

c. Income must equal expenditure.

d. Consumption must equal saving.

8. As in the case f Ireland, Keynesian economics does not tend to work in countries that:

a. Are large and self-sustaining.

b. Are small and insulated.

c. Are medium-sized with good governments.

d. Are smaller and are open to free (ish) trade.

e. Are large and have free trade.

Thanks! Please be as detailed as you can.!

For unlimited access to Homework Help, a Homework+ subscription is required.

Verified Answer
Chika Ilonah
Chika IlonahLv10
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in

JD Candidate at Stanford Law School
23 Apr 2020

Answer verification

This is a step by step verification of the answer by our certified expert.
Subscribe to our livestream channel for more helpful videos.

Related textbook solutions

Related questions

Weekly leaderboard

Start filling in the gaps now
Log in