The largest component of gross domestic income is
A. profits.
B. taxes.
C. wages.
D. interest payments.
Answer: C
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Crowding out occurs when investment declines because
a. a budget deficit makes interest rates rise. b. a budget deficit makes interest rates fall. c. a budget surplus makes interest rates rise. d. a budget surplus makes interest rates fall.
Exhibit 7-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15 4 18 5 19 Exhibit 7-1 shows the change in the production of pizzas as more workers are hired. The marginal product of the second employee equals:
A. 4. B. 10. C. 14. D. 6.
A nation will neither export nor import a specific product when its:
A. domestic price equals the world price. B. export supply curve lies above its import demand curve. C. export supply curve is upsloping. D. import demand curve is downsloping.
Government spending rising during a recession is an example of
A. policy lags. B. an automatic stabilizer. C. an automatic destabilizer. D. discretionary economic policy.