A derivative is any financial instrument whose value depends on the:
a. extent of asset diversification.
b. expected rate of inflation.
c. purchasing power of the people.
d. value of an underlying asset.
D
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An excise tax on gasoline is regressive if
a. rich people buy more gasoline than poor people. b. the demand for gasoline is elastic. c. the tax causes people to buy less gasoline. d. poor people spend a larger portion of their incomes on gasoline than rich people.
A country produces two goods, soda and chips. It currently exports soda and imports chips. If it were to impose a tariff on chips,
a. both imports of chips and exports of sodas would rise. b. imports of chips would rise, but exports of sodas would fall. c. imports of chips would fall, but exports of sodas would rise. d. both imports of chips and exports of sodas would fall.
Refer to Figure 18-7. The second highest 20 percent of households
A) earn 24 percent of the society's total income. B) earn 28 percent of the society's total income. C) earn 42 percent of the society's total income. D) earn 72 percent of the society's total income.
A change in nominal GDP sums up changes in
A) prices alone. B) physical production alone. C) physical production and hours of production time. D) physical production and prices.