Question 3 (1 point) Government spending ______ is included in gross domestic product. A) at the federal level of government only B) at federal, provincial, and local levels of government C) on defense goods only D) at provincial and local levels of government only E) at the local level only
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1. The government saves when it: A) Has a balanced budget B) Has a budget deficit. C) Has a budget surplus. D) Borrows by selling bonds. 2. In an open economy, total investment spending is equal to: A) National savings plus the net capital inflow B) Private savings plus national savings plus net capital inflow. C) Private savings plus net capital inflow. D) National savings minus private savings minus net capital inflow. 3. Net capital inflow is equal to: A) GDP plus exports minus imports. B) The growth in capital stock minus investment spending. C) Foreign direct investment. D) The total inflow of foreign funds minus the total outflow of domestic funds.
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QUESTION 1 Refer to the data below. The Tax Multiplier is: Yd Consumption 320 320 330 327 340 334 350 341 A. 2.33 B. 3.33 C. -2.33 D. -3.33 If the marginal propensity to save is 0.8, a $20 billion decline in taxes will increase GDP by ___________. A. $2 billion B. $5 billion C. $10 billion D. $4 billion E. none of these Monetary policy refers to _____________. A. any change in the money supply by the Fed initiated to stabilize the economy B. changes in taxes and government spending made by Congress to stabilize the economy C. the changes in taxes and transfers that occur as GDP changes D. the authority that the president has to change personal income tax rates
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'Question 1 a) Give the definition of GDP and explain what items are not included in its calculation? b) How is GDP calculated using the expenditure approach? c) How is GDP calculated using the income approach?'
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