According to the income approach, the largest component of national income in 2003 was
a. government purchases
b. proprietor's income
c. net interest
d. personal consumption expenditures
e. compensation of employees
E
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A dollar reduction in benefits as a result of a dollar income from working is a
A. 50% tax rate. B. 75% tax rate. C. 22.5% tax rate. D. 100% tax rate.
If the Federal Reserve increases the legal reserve requirement on deposits,
a. the money stock will rise and the money multiplier will fall. b. the monetary base will rise and the money multiplier will fall. c. both the monetary base and the money stock will fall. d. neither the monetary base nor the money stock will rise.
The main difference between GNP and GDP is:
a. GDP measures a nation's income, and GNP measures a nation's output. b. Largely in the minds of the public, because economically, there is no difference. c. GDP measures the income earned from the production of all final goods and services within a nation's borders; GNP measures the income earned by domestically-owned resources from producing final goods and services anywhere in the world. d. GDP measures a nation's output, and GNP measures a nation's income.
Which of the following workers would be most likely to work fewer hours as a result of a wage increase?
A. Farm worker B. Surgeon C. Lifeguard D. Bartender