A transfer payment is
a. any non monetary transaction.
b. payment for an import.
c. payment for land.
d. a payment of money in return for which no current goods or services are produced.
d. a payment of money in return for which no current goods or services are produced.
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Which of the following is true of the business cycle record of the United States?
a. Recessions have been lengthier during the last two decades than was true prior to 1980. b. Real GDP contracted throughout most of the 1950s. c. Real GDP in 2000 was approximately the same as 1950. d. Since 1950, the fluctuations in GDP have been less severe than before 1950.
The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P.If this economy is open to trade, and the world price of a car is $6,000, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 8,000; 14,000 B. 12,000; 8,000 C. 14,000; 8,000 D. 12,000; 10,000
Horizontal merger occurs when
A. two firms merge where each is about the same size. B. two firms merge where one had sold its output to the other as an input. C. the merger moves the combined firm onto the horizontal portion of its long-run average cost curve. D. two firms producing a similar product merge.
GDP is a measure of the total output of an economy.
Answer the following statement true (T) or false (F)