Which of the following is used to calculate the standard of living?
A) real GDP/population
B) ((real GDP in the current year - real GDP in previous year)/real GDP in previous year) × 100
C) the one-third rule
D) real GDP/aggregate hours
A
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A consumer has $20 that he wants to spend on two goods: pens priced at $2 each, and pencils priced at $1 each. Which of the following correctly represents his budget constraint?
A) $20 = ($2/Quantity of pens) + ($1/Quantity of pencils) B) $20 = ($2 × Quantity of pens) + ($1 × Quantity of pencils) C) $20 = ($3/Quantity of pens + Quantity of pencils) D) $20 = $3 × (Quantity of pens - Quantity of pencils)
Which of the following statements is generally true?
A) Rivalry is less the larger the number of firms in an industry. B) The smaller the number of firms in an industry, the greater the rivalry. C) The degree of rivalry in an industry is largely independent of the number of firms. D) The larger the number of firms in an industry, the greater the rivalry.
Federal budget deficits generally grow during recessions because
a. both tax revenues and transfer payments decrease. b. both tax revenues and transfer payments increase. c. tax revenues decrease while transfer payments increase. d. tax revenues increase while transfer payments decrease. e. tax revenues decrease but transfer payments are unchanged.
Policymakers focus on marginal tax rate changes when making changes in the tax code because the marginal tax rate
A) determines how tax revenue will change as national income increases. B) determines how much revenue the government will have to spend. C) always equals the average tax rate which is harder to measure. D) affects people's willingness to work, save, and invest.