Which of the following is included as government purchases in gross domestic product (GDP)?
a. Social Security payments to elderly citizens
b. Welfare benefits distributed to the poor
c. Outright grants from government to recipients
d. Payments to clerical workers hired by government
e. Unemployment compensation benefits
d
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Assume that the U.S. interest rate is 5%, the European interest rate is 2%, and the future expected exchange rate in one year is $1.224. If the spot rate is $1.24, then the expected dollar return on euro deposits is:
a. 4% b. 7.1% c. 0.71% d. 0.129%
According to the shutdown rule, a firm should produce no output in the short run if
A) price is below minimum average total cost. B) price is above minimum average total cost. C) total revenues are lower than total fixed costs. D) price is below minimum average variable costs.