Using the income approach, the largest component in the calculation of GDP is:
a. net interest.
b. rental income.
c. profits.
d. compensation of employees.
d
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Assume that the money stock is the intermediate target and money demand is totally interest- inelastic. Then, the
a. LM schedule will be horizontal. b. LM curve schedule would be vertical. c. IS curve would be horizontal. d. None of the above
The Irish production possibilities curve shifts to the left when there is
a. an increase in the Irish labor supply b. innovation in the production of Irish goods c. a civil war that destroys much of Ireland's resource base d. unemployment among Irish workers e. a choice among the Irish of more capital goods last period
Which one of the following resources is not underemployed?
A. The use of Manhattan Island in New York City for growing corn. B. The use of farmland in the Iowa and Illinois corn belt for buildings to do stock market research. C. An automobile factory that is shut down for two months to be retooled for a model change. D. Limiting all men to the fields of school teaching and social work.
When the average price of videocassette recorders (VCRs) falls, the result is
A. an increase in the quantity of VCRs demanded. B. an increase in the quantity of VCRs supplied. C. a decrease in the quantity of VCRs demanded. D. an increase in supply of VCRs.