Which of the following expenditures would increase the consumption component of U.S. GDP?
A. You buy a pizza.
B. You buy a new house.
C. You buy 1,000 shares of stock.
D. You buy a used book about economics.
Answer: A
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Explain why it is that how much consumers pay for an excise tax depends on how responsive they are to a given change in market price
What will be an ideal response?
Suppose a country's net exports equal 0. If the volume of exports increases without any change in the volume of imports, the country will experience a ________
A) budget surplus B) budget deficit C) trade deficit D) trade surplus
Of the combined Social Security tax rate, _____ goes to pay for _____
a. 2.9; Medicaid b. 2.7; Medicare c. 2.9; Medicare d. 2.7; Medicaid
If the United States could produce 1/2 ton of potatoes or 1 ton of wheat per worker per year, while Ireland could produce 3 tons of potatoes or 2 tons of wheat per worker per year, the country with the comparative advantage in producing wheat is ____ and the country with the absolute advantage in producing potatoes is ____
a. the United States; the United States b. the United States; Ireland c. Ireland; the United States d. Ireland; Ireland