Sally is a U.S. citizen who works for an Italian company at the branch office located in Tulsa, Oklahoma. Sally's work will contribute toward:
A. U.S. GDP since Sally's a citizen.
B. U.S. GDP since the location of her office is in the U.S.
C. Italian GDP since she's working for an Italian firm.
D. both the U.S. and Italy's GDP.
B. U.S. GDP since the location of her office is in the U.S.
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Public choice theory suggests that politicians will be most likely to favor redistribution of income from
a. the rich to the poor. b. unorganized taxpayers to well-organized interest groups. c. well-organized business groups to consumers. d. none of the above.
Discounting is a procedure used to
a. determine the present value of income or costs expected in the future. b. adjust future income for the effects of inflation. c. adjust the money interest rates for the effects of inflation. d. compare the value of income after taxes with its value prior to taxes.
One of the roles of the Fed is to be the lender of last resort.
Answer the following statement true (T) or false (F)
If a good had a zero price (i.e., the good was free), a rational person would consume
A. The good until the marginal utility was maximized. B. The good until total utility was zero. C. An infinite amount of the good. D. The good until the marginal utility of the last unit was zero.