Table 5.1National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$4,565Exports$740Government purchases of goods and services$1,465Social Security taxes$510Net investment$225Indirect business taxes$520Imports$825Gross investment$865Corporate income taxes$185Personal income taxes$750Corporate retained earnings$45Net foreign factor income$20Government transfer payments to households$690Net interest payments to households$0On the basis of Table 5.1, depreciation is
A. $85 billion.
B. $50 billion.
C. $640 billion.
D. $690 billion.
Answer: C
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The figure above shows Roger's production possibilities frontier. Point a is an ________ point and at that point production is ________
A) attainable; efficient B) attainable; inefficient C) unattainable; inefficient D) unattainable; efficient
Which of the following events will most likely cause an increase in both the price level and rGDP?
A) The prime rate increases B) Exports increase C) Income taxes increase D) Crude oil prices decrease E) Inflationary expectations decrease
Which one of the following is a positive economic statement?
A. An increase in the minimum wage will reduce employment for teenagers. B. The minimum wage should be increased. C. Social justice will be served by increasing the minimum wage. D. Thoughtful people oppose an increase in the minimum wage.
A barter economy occurs where
A) Excludes financial markets. B) Households pay for services provided by labor with goods and services. C) Businesses provide services to households in exchange for goods and services. D) All of the above.