The income approach to measuring GDP includes:
a. compensation for employees, net interest, rent, net profits, and indirect business taxes and depreciation.
b. compensation for employees, net interest, rent, corporate profit, and transfer payments.
c. compensation for employees, net interest, rent, and indirect business taxes.
d. compensation for employees, net interest, rent, corporate profits, and capital depreciation.
e. compensation for employees, rent, corporate profits, proprietors' income, and transfer payments.
a
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If the United States imposed higher tariffs and more restrictive quotas that reduced imports,
A) employment in the U.S. would be higher. B) the U.S. would not gain at the cause expense to other countries. C) the U.S. would gain at the expense of other countries. D) the wage rates of U.S. workers would be higher.
The freedom of entry and exit is key to pressuring economic profit to zero under
A. monopoly and monopolistic competition. B. monopoly and perfect competition. C. oligopoly and monopoly. D. perfect competition and monopolistic competition.
At a price of $11, quantity demanded is 90; and at a price of $9, quantity demanded is 110. Since total revenue ________ by the price decrease, demand must be ________.
A. is unchanged; elastic B. is unchanged; unit elastic C. is increased; elastic D. is decreased; inelastic
Use the following graph, which shows the supply and demand curves for dollars in the pound/dollar market, to answer the next question,
Assume that D1 and S1 are the initial demand for and supply of dollars. Suppose that Britain's demand for dollars increases from D1 to D2. If the British government wishes to fix the exchange rate at the initial level, it should ________.
A. buy and add more to its dollar reserves B. encourage the British to import more U.S. products C. sell pounds in exchange for U.S. dollars D. sell some of its dollar reserves