The components of GDP using the income method (excluding indirect business taxes and depreciation) are
A. wages, interest, rents, and profits.
B. consumption expenditures, investment expenditures, and government expenditures.
C. wages and interest.
D. consumption expenditures, investment expenditures, government expenditures, and net exports.
Answer: A
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As economists use the term, capital means
a. such things as machinery and equipment. b. such things as money and credit. c. the profits that come from hiring and using labor and natural resources. d. All of these.
Monetary policy can have substantial effects on the economy even when nominal interest rates are very low
A) since real rates are what affects borrowing and spending decisions. B) by improving borrower and bank balance sheets. C) by reducing transactions costs. D) only when the policy is substantial.
In 2000, about what percentage of federal expenditures were off budget?
a. 1.1 b. 14.1 c. 19.3 d. 22.2
Which of the following is true?
a. A lower price will increase your consumer surplus by the amount you were buying originally, times the reduction in the price. b. A lower price will leave unchanged your consumer surplus for each of the units you were already consuming, but will increase consumer surplus from increased purchases at the lower price. c. A lower price will decrease your producer surplus for each of the units you were producing, but will not change producer surplus by changing the quantity sold. d. None of the above is true.