Higher income countries tend to collect _____________ as a percentage of their GDP than do low-income countries.
A. greater tax revenues
B. smaller tax revenues
C. about the same in tax revenues
D. There is really no correlation between a country's wealth and the tax revenues it generates.
A. greater tax revenues
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The figure above shows a perfectly competitive firm. If the market price is $20 per unit, then the firm produces ________ units and makes an economic profit that is ________
A) more than 30; more than $100 B) 30; more than $100 C) 20; less than $400 D) 0; zero E) 30; zero
During most of the United States' involvement in World War II we temporarily operated at point
A. F.
B. G.
C. H.
D. I.
Why are government transfer payments not included in the GDP?
a. It is spending that is too small to count in the GDP. b. It is spending that disperses income among the citizens. c. It is spending used to buy goods and services. d. It is spending used to broker international agreements.
According to Okun's law, when cyclical unemployment increases by one percentage point, the recessionary gap ________ by ________ percent of potential output.
A. closes; two B. closes; one C. widens; one D. widens; two