Which of the following is a government purchase?
a. The income tax
b. The property tax
c. Social Security benefits paid to a retired government worker
d. Food stamps
e. The salary of a federal judge
E
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Suppose we observe that both the equilibrium price of film cameras and the equilibrium quantity of film cameras have fallen. Which of the following could be responsible for this?
A) Consumers' preferences changed in favor of digital cameras. B) technological advances in film camera production C) Workers who make cameras received a pay raise. D) The price of digital cameras increased.
If labor productivity growth slows down in a country, this will
A) slow down the increase in real GDP per capita. B) accelerate the increase in nominal GDP. C) slow down the increase in nominal GDP. D) accelerate the increase in real GDP per capita.