Which of the following is not true about the composition of GDP in 2014?
A) Imports are greater than exports.
B) Business fixed investment is the largest component of investment.
C) Purchases made by state and local governments are greater than purchases made by the federal government.
D) The majority of consumer spending is on durable goods.
D
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A tax on a polluting industry
A) is not desirable because it reduces efficiency. B) leads to less output in this industry. C) causes more resources to be used in the polluting industry. D) shifts the marginal social benefit curve leftward. E) shifts the marginal social benefit curve rightward.
If a currency is allowed to move freely until it violates economic fundamentals, that currency is said to have
A) a managed float. B) a free floating system. C) a currency board. D) a stable basket.