Refer to Figure 23-1. According to the figure above, at what point is aggregate expenditure greater than GDP?
A) J B) K C) L D) none of the above
A
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In the equation, GDP = C + I + G + X - M, G refers to
A) federal government expenditures plus all transfer payments. B) local, state, and federal government spending for all purposes. C) the taxes and expenditures of all government units. D) local, state, and federal government expenditure on goods and services, but does not include transfer payments.
Which of the following arguments could be made as evidence that the market for cage-free eggs is perfectly competitive?
A) As more farmers began selling cage-free eggs, the increase in supply has driven down prices to the point where they just cover the cost of production. B) Sales of cage-free eggs have increased at a rate of 20 percent per year. C) The profits earned by farmers who sell cage-free eggs have continued to grow, despite the increasing number of farmers entering this market. D) The U.S. Department of Agriculture has established standards for the labeling of cage-free eggs.
Refer to Figure 17-6. Salespeople would be indifferent to the two pay schemes if their monthly sales were
A) less than 20 vacuum cleaners. B) between 20 and 30 vacuum cleaners. C) between 30 and 45 vacuum cleaners. D) more than 45 vacuum cleaners.
The reason that some corporations grow so big is
A. double taxation. B. that they are a separate entity from their owners. C. that they have limited liability. D. that they cannot be regulated.