Which approach to calculating GDP is computed using compensation of employees, rental income, profits, net interest, indirect business taxes, and depreciation?
A. The expenditure approach.
B. The income approach.
C. The product-market approach.
D. The circular-flow approach.
Answer: B
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The figure above shows the relationship between the price of a dozen roses and the quantity of roses a florist can sell. The slope between points B and C equals
A) 16. B) 8. C) 4. D) 2. E) 14.
When a person lobbies Congress to grant the person the exclusive right to sell a particular good, such lobbying activity is called
A) rent seeking. B) revenue abatement. C) profit recovery. D) revenue seeking.
Refer to Scenario 13.1. At your negotiated price the producer surplus is:
A) $0. B) $50. C) $200. D) $250. E) $300.
Which of the following events did not contribute to the high rate of bank failures in the 1980s and 1990s?
a. The collapse of the communist world, principally Russia; because of the collapse,they could not pay off their loans to U.S. banks b. Falling farm prices in the U.S. c. Bad loans to Mexico d. An unexpected slide in oil prices e. Falling agricultural land values