What is the difference between personal income and disposable personal income?
A. depreciation
B. net U.S. income earned abroad
C. indirect personal taxes and transfers
D. the amount of personal income taxes
Answer: D
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Over the next few years, several newly constructed office blocks will become available at the World Trade Center site. As well, economists expect the New York economy will continue to exhibit modest growth
What is the expected outcome for the office space market in downtown Manhattan? A) Unambiguously higher equilibrium rental rates and quantity B) Unambiguously lower equilibrium rental rates and quantity C) Unambiguously higher rental rates, and equilibrium quantity could be higher or lower D) Unambiguously higher equilibrium quantity, and equilibrium rental rates could be higher or lower
The principle of comparative advantage does not provide answers to certain questions. One of those questions is
a. Is it possible for specialization and trade to benefit more than one party to a trade? b. Is it possible for specialization and trade to increase total output of traded goods? c. Do opportunity costs play a role in people's decisions to specialize in certain activities? d. What determines the price at which trade takes place?
When comparing short-run average total cost with long-run average total cost at a given level of output,
a. short-run average total cost is typically above long-run average total cost. b. short-run average total cost is typically the same as long-run average total cost. c. short-run average total cost is typically below long-run average total cost. d. the relationship between short-run and long-run average total cost follows no clear pattern.
If the prices of imported resources decrease, then this event would most likely:
a. Decrease aggregate supply b. Increase aggregate supply c. Increase aggregate demand d. Decrease aggregate demand