Specialization and trade exploit differences in productivity across workers and
A. only benefit the exporter.
B. make everyone worse off.
C. only benefit the importer.
D. make everyone better off.
Answer: D
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The measurement system used by the U.S. government to estimate national income is
A) the sum of financial transactions, transfer payments and secondhand goods. B) the sum of consumption plus investment expenditures. C) national income accounting. D) the GDP deflator.
An example of a payroll tax in the United States is
A) taxes on corporate profit. B) Social Security taxes. C) property taxes on real estate. D) excise taxes on gasoline.
When Jack's income increases by $5,000, he spends an additional $4,000 dollars. This implies that his marginal propensity to consume is 1.25
Indicate whether the statement is true or false
How does central bank independence cause lower inflation?
What will be an ideal response?