Using the expenditure method to estimate GDP, we would include:
A. consumption, investment, government purchases, and net exports.
B. consumption, government revenues, durable goods, and net exports.
C. consumption, investment, government purchases, and imports.
D. consumption, investment, government purchases, and exports.
Answer: A
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When Dale visits the doctor, Dale does not pay for either the visit or any tests the doctor may order. From this we can infer that Dale must:
A. have first-dollar medical insurance coverage. B. have a medical insurance policy with a deductible. C. be underutilizing medical care. D. be a member of an HMO.
Which of the following is the largest component of national income?
A. net interest B. corporate profits C. rental income D. compensation of employees by firms
In an industry where transportation costs are high and there are limited scale economies,
A) firms will locate close to the market. B) firms will locate close to their input sources. C) firms might locate in either area. D) firms will locate where policy makers decide.
The idea that income redistribution violates the proposition that "one is entitled to the fruits of one's efforts" is a common argument most used
A. in favor of income redistribution. B. against income redistribution. C. in favor of an equal distribution of income. D. in favor of raising the minimum wage.