Table 5.1National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$4,565Exports$740Government purchases of goods and services$1,465Social Security taxes$510Net investment$225Indirect business taxes$520Imports$825Gross investment$865Corporate income taxes$185Personal income taxes$750Corporate retained earnings$45Net foreign factor income$20Government transfer payments to households$690Net interest payments to households$0On the basis of Table 5.1, personal saving is
A. $205 billion.
B. $305 billion.
C. $1,215 billion.
D. $1,130 billion.
Answer: B
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The law of demand indicates that as the cost of an activity:
A. rises, the level of the activity may or may not increase depending on the individual. B. falls, less of the activity will occur. C. rises, less of the activity will occur. D. rises, more of the activity will occur.
Refer to Figure 13-4. What is the area that represents the total fixed cost of production?
A) P1bdP3 B) 0P1aQa C) P0adP3 D) That information cannot be determined from the graph.
A free rider is a person who:
a. is harmed by another's actions. b. is subject to a negative externality. c. receives benefits from someone else's action but does not pay for them. d. pays less than the full value for a product. e. won the state lottery.
An increase in the U.S. demand for foreign exchange will cause
a. an increase in the price of foreign exchange, which is a depreciation of the U.S. dollar, making foreign goods cheaper to U.S. residents. b. an increase in the price of foreign exchange, which is a depreciation of the U.S. dollar, making foreign goods more expensive to U.S. residents. c. a decrease in the price of the U.S. dollar, which is an appreciation of the U.S. dollar. d. an increase in the price of foreign exchange, which is an appreciation of the U.S. dollar. e. a decrease in the price of foreign exchange, which is an appreciation of the U.S. dollar.