Which of the following is a positive economic statement?
A) The standard of living in the United States should be higher.
B) The U.S. government should not have bailed out U.S. auto manufacturers.
C) If the price of iPhones falls, a larger quantity of iPhones will be purchased.
D) The government should revamp the health care system.
C
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Using the expenditure approach, which of the following is added to consumption, investment, and government purchases to arrive at GDP?
a. The value of "free" household services provided by at-home spouses rather than a paid cook, maid, and baby sitter. b. The value of resale goods produced in the economy. c. The unpaid-for services provided by the natural environment, such as breathable air. d. The value of exports minus the value of imports.
The asset demand for money is downsloping because:
A. the opportunity cost of holding money increases as the interest rate rises. B. it is more attractive to hold money at high interest rates than at low interest rates. C. bond prices rise as interest rates rise. D. the opportunity cost of holding money declines as the interest rate rises.