A resource is something that
a. is used to produce goods and services
b. is provided by nature, not made by society
c. exists in unlimited quantities
d. must be produced by a firm
e. consumes goods and services
A
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If a 10 percent price increase causes the quantity demanded for a good to decrease by 5 percent, demand is elastic
a. True b. False Indicate whether the statement is true or false
An expectation that encourages people to behave in a certain way
a. free enterprise b. traditional economy c. incentive d. safety net e. socialism
Table 5.3National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$8,200Exports$1,700Government purchases of goods and services$2,500Social Security taxes$1,900Net investment$1,400Indirect business taxes$1,400Imports$1,900Gross investment$1,800Corporate income taxes$600Personal income taxes$1,500Corporate retained earnings$130Net foreign factor income$100Government transfer payments to households$1600Net interest payments to households$500On the basis of Table 5.3, the value of the income aggregate that is defined as "total income earned by current factors of production" (also known as national income) is
A. $11,900 billion. B. $12,000 billion. C. $12,300 billion. D. $10,700 billion.
The fact that it takes time for government to take action, even after a problem has been diagnosed, is one reason for the occurrence of
A) inside lags. B) the multiplier effect. C) outside lags. D) crowding out.