Gross Domestic Product is the
a. least inclusive aggregate used to measure the economy.
b. total of goods and services desired by consumers.
c. most comprehensive measure of total output in the United States.
d. most accurate measure of the trade balance of the United States.
c
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The form of business organization responsible for generating the greatest portion of business revenues in the United States is the
A. corporation. B. partnership. C. proprietorship. D. dual proprietorship.
An economic model includes
A) only normative statements. B) no use of marginal concepts. C) all known details in order to increase its accuracy. D) only details considered essential.
Jim has estimated elasticity of demand for gasoline to be 0.7 in the short-run and 1.8 in the long run. A decrease in taxes on gasoline would:
a. lower tax revenue in both the short and long run. b. raise tax revenue in both the short and long run. c. raise tax revenue in the short run but lower tax revenue in the long run. d. lower tax revenue in the short run but raise tax revenue in the long run.
Which condition listed is the one that most people do not expect the safety net programs of government to provide for?
a. injuries b. joblessness c. natural disasters d. low income