Quiz 4 Flashcards Preview

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Flashcards in Quiz 4 Deck (10):
1

The United States puts tariffs on both imports and exports to control trade.

False

2

What happened to GATT?

it became the World Trade Organization

3

Until the Civil War, the United States government funded itself primarily with tariffs.

True

4

Income is a _____ of money over time.

flow

5

Households
A. buy but don't sell
B. sell but don't buy

C. buy more than they sell

D. sell more than they buy

buy but don't sell

6

_______ GDP is adjusted for inflation

real

7

[True or False] Illegal transactions will show up in GDP if they are done in cash.

False

8

[True or False] Per capita GDP can be used to make good comparisons between countries, real GDP cannot.

False

9

[True or False] In 2000, using standard calculations, Japan has a larger GDP than China. Today, China has a larger GDP than Japan.

True

10

[True or False] Prior to World War II, the average expansion and contraction were about the same length. Since World War II, the expansions have averaged many times longer than the contractions.

True