The total income of capital and labor must equal the value of total:
A. production.
B. investment.
C. profits.
D. revenue.
Answer: A
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The implementation of new technology can be quick throughout the world if
(a) patent rights are leased and purchased. (b) unions are strong. (c) economies are closed to foreign competition. (d) tariffs are placed on those imported goods and services benefiting from the technological advancements in the rest of the world.
If taxes are already high, the lower the marginal excess burden of any additional taxes will be
a. True b. False
In May of 2003, the European Central Bank (ECB) decided to:
A. focus almost exclusively on money growth as their target. B. limit the role of interest rate targeting to be second in importance to money growth targeting. C. downgrade the role of money growth in their policymaking strategy. D. switch from an inflation target to a money growth target.
An import quota on a product normally does all of the following except
A. reduces the volume of that product traded. B. raises the price in the importing country. C. increases the price everywhere. D. reduces the price in the exporting country.