Gross domestic product equals the sum of consumption, investment, and government purchases.
Answer the following statement true (T) or false (F)
False
GDP also includes net exports, or the difference between exports and imports.
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One way to attain a faster rate of economic growth would be to shift some resources from the production of _________ goods to the production of __________ goods.
Fill in the blank(s) with the appropriate word(s).
A tax is progressive if the ratio of taxes to income rises as income rises.
Answer the following statement true (T) or false (F)
For those workers who receive fringe benefits, such as health insurance and pensions, the additional income this results in—over and above the average hourly wage—is as much as (for some workers)
A. 10–12 percent. B. 30–40 percent. C. 51–62 percent D. 70 percent or more.
Typically a firm's "economic profit" will be
What will be an ideal response?