Capital income in the U.S. equals approximately ________ of GDP.
A. one third
B. one half
C. two thirds
D. two fifths
Answer: A
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The gravity model predicts that China and India will trade with
A) smaller economies that are close by. B) larger economies that are close by. C) larger economies that are distant. D) smaller economies that are distant.
According to the classical model, the income generated by production is
A) always insufficient to purchase all the goods and services produced. B) enough to purchase all the goods and services produced. C) fully spent on savings. D) enough to meet the needs of everyone in society.
If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by
a. an increase in the supply of the good. b. an increase in the demand for the good. c. a decrease in the demand for the good. d. a decrease in the supply of the good.
An example of income received but not earned is
A) government transfer payments. B) undistributed profits. C) compensation of employees. D) rental income. E) a and c