The inflation rate is measured as the percentage change in a price index
a. True
b. False
Indicate whether the statement is true or false
True
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You are a baker. You paid $150K in wages, $50K for dough, $20K for power, $5K in interest for a business loan, $25K in taxes, and made a profit of $10K. How much did you contribution to GDP using the product approach?
A) $80K B) $85K C) $190K D) $260K
One of the fundamental problems a cartel faces is
A) to determine how much each producer will decrease its output. B) to determine how much each producer will increase its output. C) to determine how much each producer will lower it price. D) to determine how much each producer will lower its profit.
A Social Security system in which payroll taxes that workers and their employers pay in go directly to retirees and other beneficiaries is known as
A. a primary-deficit system. B. a pay-as-you-go system. C. an individual-account system. D. a social-lockbox system.
Money as a medium of exchange
I. facilitates the exchange of goods. II. reduces or eliminates the need for barter. A) I only B) II only C) both I and II D) neither I nor II