In 2001 the United States and its NATO allies dropped millions of dollars' worth of bombs on Afghanistan. These bombs and the aircraft from which they were dropped
a. were netted out of GDP.
b. increased GDP and increased personal welfare.
c. decreased GDP and decreased personal welfare.
d. were added to GDP.
d
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"The long-run Phillips curve is downward sloping." Is the previous statement correct or incorrect?
What will be an ideal response?
How might a U.S. federal budget surplus affect the balance of trade? (Assume exchange rates are stated in terms of foreign currency per U.S. dollar.)
A) A federal budget surplus raises interest rates, which raises exchange rates, and increases the balance of trade. B) A federal budget surplus reduces interest rates, which raises exchange rates, and reduces the balance of trade. C) A federal budget surplus raises interest rates, which raises exchange rates, and reduces the balance of trade. D) A federal budget surplus reduces interest rates, which reduces exchange rates and increases the balance of trade.