"Happy birthday to you, happy birthday to you . . .". You get a birthday gift of $10 from Auntie Diane and you rush out to buy a T-Shirt. According to GDP accounting, the $10 is a(n)
a. consumption expenditure
b. investment expenditure
c. income payment
d. transfer payment
e. royalty
D
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When opportunity costs rise as more of a good is consumed, the production possibilities frontier will be concave (bowed out) with respect to the origin
a. True b. False
The welfare program economists believe to be most compatible with economic efficiency is
a. a regressive tax system. b. AFDC. c. a negative income tax. d. Medicare/Medicaid.
All of the following are traditional economic views except:
A. revealed preference shows researchers what the bad choices are. B. choice architects have a responsibility to remain neutral when it comes to choices. C. choice architecture is ineffective. D. there is no such thing as a bad choice.
Describe how marginal utility and demand are related
Please provide the best answer for the statement.