The largest expenditure component of GDP is:
A. net exports.
B. investment.
C. consumption.
D. government spending.
Answer: C
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Tracy quits her job, which pays $25,000 a year, to finish her college degree. Her annual college expenses are $12,000 for tuition and fees and $1,000 for books. What is her opportunity cost of attending college for the year?
Suppose Canadian winemakers convince the federal government to issue a directive to serve only
domestically produced wine at government functions This would be an example of: A) the principal-agent problem. B) moral hazard. C)rent'-seeking behavior. D) logrolling.
According to Figure 5.4, how many slices of pizza will one pizzeria be willing to supply at a market price of $1.50 a slice?
(A) 2,000 (B) 300 (C) 200 (D) 100
The following data represent a personal income tax schedule. Answer the next question on the basis of this information.Taxable IncomeTotal Tax$15,000$1,50030,0003,50060,0009,000120,00025,000As income increases, the average tax rate
A. decreases. B. increases. C. remains constant. D. has no definite pattern.