The basic difference between the expenditure and income approaches to measuring GDP can be illustrated by transactions in the product and resource markets of the circular flow diagram
Indicate whether the statement is true or false
T
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Economists point out that the strong inflow of undocumented workers to some extent reflects the:
A. Increasing return to capital in the United States B. Increasing scarcity of unskilled labor in other countries C. More lenient immigration laws D. Increasing scarcity of domestic unskilled labor in the United States
Total expenditures on a company's product will be largest when it is priced such that the elasticity of demand:
A. equals -1. B. is greater than -1. C. is less than -1. D. equals 0.
If you earned $10-an-hour in 2005 when the CPI was 100, and you earn $11-an-hour today when the CPI is 120, then your real wage rate has _____ since 2005.
Fill in the blank(s) with the appropriate word(s).
In dealing with their financing needs, developing countries have found that the inflation tax provides:
A. neither a short-run nor a long-run solution. B. a short-run solution but not a long-run solution. C. a long-run solution but not a short-run solution. D. both a short-run and a long-run solution.