The difference between GDP and net taxes is
A) actual investment spending. B) personal income.
C) unplanned investment spending. D) disposable income.
D
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Which of the following is not a characteristic of less-developed countries?
a. High rates of illiteracy. b. High unemployment. c. Over half of the labor force in agriculture. d. Low savings and investment rates. e. Low infant mortality rates.
If all consumers satisfy economists' assumptions regarding utility, then
a. they will each choose a consumption bundle that is inside the budget line b. everyone will choose the same consumption bundle c. everyone will have the same budget line d. all consumers will react in the same way to a price change e. each person will choose a consumption bundle on his or her budget line
If large numbers of young Americans thought the life of a cowhand was great (despite the hardships), we would expect
a. an increase in the wages of cowhands. b. a decrease in the wages of cowhands because demand would be reduced. c. no impact on wages, which are determined by supply and demand, not preferences. d. a decrease in the wages of cowhands because supply would be enlarged.
Which of the following statements is TRUE?
A) A growing economy should see a decline in relative poverty but not in absolute poverty. B) A growing economy should see a decline in absolute poverty but not in relative poverty. C) A growing economy should see a decline in both absolute and relative poverty. D) A growing economy is usually unrelated to changes in either absolute or relative poverty.