In the United States in 2013, the Bureau of Economic Analysis began counting spending on research and development as ________, which counts as a part of GDP
A) intermediate goods B) investment
C) consumption D) depreciation
B
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If the marginal social cost of a good equals the marginal private cost of the good, then the marginal external cost of the good
A) is zero. B) equals the marginal social cost. C) equals the marginal social benefit. D) equals the marginal private benefit.
Ricardian equivalence argues that when the government cuts taxes and raises its deficit,
A) consumers anticipate that they will face lower taxes later to pay for the resulting government debt. B) consumers anticipate that they will higher services from the government. C) consumers anticipate that they will face higher taxes later to pay for the resulting government debt. D) consumers anticipate it will affect their future taxes, in general in the direction of lowering future taxes. E) consumers anticipate that the low tax rates will continue.
The elasticity of demand for a particular perfectly competitive firm's output is positively related to the number of firms supplying the market
Indicate whether the statement is true or false
If the price of good X increases by 1 percent, then the quantity supplied increases by more than 1 percent. This means
A) supply is elastic. B) supply is unit-elastic. C) supply is inelastic. D) the good has good substitutes.