How can the U.S. federal government induce increases in the national saving rate?
A) by lowering the sales tax
B) by levying taxes on individual retirement (IRA) accounts
C) by reducing budget deficits
D) all of the above
E) none of the above
C
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Why does the return to capital change after trade occurs?
a. There is more labor used per unit of capital in the manufacturing sector. b. There is more capital used per unit of labor in the manufacturing sector. c. There is more labor used per unit of land in the agricultural sector. d. There is more land used per unit of labor in the agricultural sector.
The business cycle describes
A) the change in the standard of living across countries. B) the change in potential GDP over time. C) the behavior of real GDP over time. D) the behavior of nominal GDP over time. E) the behavior of GNP over time.