Which is largest in an advanced economy like the U.S.?
A. GDP measured by income
B. GDP measures by spending
C. GDP measured by production
D. the previous three have the same value
Ans: D. the previous three have the same value
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Property rights allowing individuals to own goods, services, and factors of production are MOST important in
a. socialistic economies. b. planned economies. c. capitalistic economies. d. command economies.
Which of the following is least accurate?
a. In 2007, the United States imports significantly more than it exports. b. Tariffs from imported goods accounted for over 90% of federal government revenue for the first 80 years of the United States. c. The largest trading partner of the colonial United States was England. d. In the late 1800s the US significantly increased its imports of raw materials to fuel its increased production of manufactured goods. e. During the Napoleonic War, the United States' exports decreased significantly because the war disrupted trade routes.
Which of the following is true of indirect business taxes?
a. They are included in corporate profits. b. They are not included in the GDP. c. They reduce the value of total economic output thereby reducing the value of the GDP. d. They are collected by business firms that act as agents for the government. e. They are the same as personal income taxes.
Which of the following can be called a "crowding-out" effect?
A. Government borrowing crowds out private saving. B. Exports crowd out government borrowing. C. Government borrowing crowds out private investment. D. Private consumption crowds out private investment.