In 2010, the imaginary nation of Bovina had a population of 5,000 and real GDP of 600,000 . In 2011 it had a population of 5,200 and real GDP of 636,480 . During 2011 real GDP per person in Bovina grew by
a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years.
b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years.
c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years.
d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.
b
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A tax subsidy is involved in employer-financed health insurance because:
A. all working adults are covered by Medicare. B. all working adults are covered by Medicaid. C. employer payments for health insurance are not subject to income or payroll taxes. D. corporations that provide health insurance pay lower corporate income tax rates.
If the Fed were to allow unemployment to remain at a higher level than NAIRU:
A. the dual mandate would be violated. B. It would lead to deflation. C. they would fail to maintain full employment. D. All of these statements are true.