Without adjusting for "purchasing power parity," real GDP tends to understate income in developing economies by
A. ignoring government-deficit spending.
B. omitting non-market transactions.
C. underestimating saving.
D. all of the options are correct.
Answer: B
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U.S. imports of sugar are limited by an import quota that, according to a study updated in 2013, imposed a total cost on American consumers close to $________, or an average cost of ________ per year for every man, woman, and child in the country
A) $3 billion; $10 B) $105 million; $3 C) $2 billion; $110 D) $3 billion; $2,000 E) $370 million; $2,000
At the current price of a good, Al's consumer surplus equals 15, and Ben's consumer surplus equals 15. By charging a two-part tariff, a monopolist could increase his profit by
A) 8. B) 16. C) 15. D) 30.
A major tax revision occurred in the 1980s. Between 1981 and 1986, the top marginal tax rate for the federal personal income tax
a. decreased from 70 percent to 20 percent b. increased from 50 percent to 75 percent c. decreased from 70 percent to 31 percent d. increased from 31 percent to 50 percent e. decreased from 50 percent to 15 percent
The pessimistic view of the shape of the Environmental Kuznets Curve is
a. linear from the origin b. an inverted-U shape that flattens out after some critical income level c. a perfectly symmetric inverted-U shape d. a flattened U-shape