Suppose we have the following information about a car manufacturer: car sales $1000M, steal purchases $600M, wages $300M, interest on business loans $50M, and profits $50M. What is its contribution to GDP using the product approach?
A) $1000M
B) $600M
C) $400M
D) $350M
C
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Davis and Huttenback (1982) find evidence to support the claim that the colonists were overtaxed by England
Indicate whether the statement is true or false
"If a union is only able to organize a few of the firms in an industry, it is unlikely that the union can substantially increase the wages of its members." This statement is
a. false; unions tend to be stronger when they concentrate on only a few producers in an industry. b. false; the demand for unionized workers will be more inelastic if only a few firms in the industry are unionized. c. false; all unions can increase the wages of their members. d. essentially correct.
Which economist defined the characteristics of an ideal voting system in his book Social Choice and Individual Values?
A. Jonathan Morduch B. Dean Karlan C. Kenneth Arrow D. Gary Becker
Figure 18-1
illustrates supply and demand for U.S. dollars and British pounds in the foreign exchange market. If the dollar price of pounds is $1.20, which of the following is true?
a.
There is an excess supply of pounds, and the dollar price of pounds will rise.
b.
There is an excess demand for pounds, and the dollar price of pounds will rise.
c.
There is an excess supply of pounds, and the dollar price of pounds will fall.
d.
There is an excess demand for pounds, and the dollar price of pounds will fall.