The benefit from a good or service that you purchase is measured by
A) the dollar amount that is paid for the good or service.
B) the dollar amount you can get by selling the good or service.
C) what you are willing to give up to obtain the good or service.
D) how strong the incentives were that led to buying the good or service.
E) None of the above answers is correct because there is no way to measure the benefit you receive from purchasing a good or service.
C
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Without the government or the foreign sector in the income-expenditure model, consumption equals
A. planned aggregate expenditures minus planned investment. B. planned aggregate expenditures plus planned investment. C. planned aggregate expenditures plus actual investment. D. planned aggregate expenditures minus inventory adjustment.
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The U.S. sugar program has:
A. improved the world allocation of agricultural resources. B. caused the world price of sugar to rise above its domestic price. C. increased domestic sugar production. D. lowered the incomes of U.S. sugar growers.
Pay disparity by race:
A. is caused by a combination of discrimination and differences in skills. B. is caused solely by discrimination. C. is caused solely by differences in skills. D. has disappeared in the last five years.