If GNP is $500 billion, receipts of factor income from the rest of the world are $15 billion, and payments of factor income to the rest of the world are $5 billion, then GDP is
A. $480 billion.
B. $490 billion.
C. $510 billion.
D. $520 billion.
Answer: B
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Increases in the minimum wage are intended to raise the incomes of low-income workers. Many economists favor a different policy to achieve this goal, a policy that avoids the deadweight losses that result from the minimum wage
What is this policy? A) distribution of vouchers that can be used for rent or mortgage payments B) the earned income tax credit C) the Alternative Minimum Tax D) distribution of food stamps to low-income consumers
Consider the accompanying payoff matrix.
If Row Resorts keeps its rates high, then Column Cruises would receive the highest payoff if it:
A. kept its rates high. B. choose either strategy because it will have the same payoff in either case. C. offered reduced rates. D. agreed with Row Resorts to reduce their rates at exactly the same time.
An increase in price causes exit from a constant-cost industry.
Answer the following statement true (T) or false (F)
A period of time in which the overall business activity is rising at a rapid rate is known as
A. inflation. B. an expansion. C. a contraction. D. hyperinflation.