If consumption expenditures are $500 million, net investment is $100 million, depreciation equals $5 million, imports are $50 million, exports are $55 million, government expenditure on goods and services is $220 million, and government transfer
payments are $20 million, then GDP is A) $790 million.
B) $800 million.
C) $830 million.
D) $850 million.
C
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Which of the following statements is correct?
A) A change in demand or supply can only be caused by a change in price. B) A simultaneous decrease in demand and increase in supply will result in an increase in equilibrium price and uncertain effect on quantity. C) If price is currently above equilibrium, market adjustments will result in a decrease in price and quantity supplied. D) An increase in supply invariably leads to a shortage in the affected market.
When a tax is placed on the buyers of a product, a result is that buyers effectively pay
a. less than before the tax, and sellers effectively receive less than before the tax. b. less than before the tax, and sellers effectively receive more than before the tax. c. more than before the tax, and sellers effectively receive less than before the tax. d. more than before the tax, and sellers effectively receive more than before the tax.
Suppose that a foreign monopolist supplies the entire domestic market (there is no domestic production). The home country then applies a $10 tariff on imports from the foreign monopolist. The home country will be better off if:
a. the terms-of-trade gain is less than the deadweight loss from the tariff. b. the price change is more than the deadweight loss of the tariff. c. the deadweight loss is more than the price change from the tariff. d. the terms-of-trade gain is more than the deadweight loss from the tariff.
A state tax assessed specifically on cigarettes is an example of
A. a consumption tax. B. an excise tax. C. a tariff. D. a social tax.