Bill Gates' recent purchase of a new Rolls-Royce automobile produced in Great Britain will:
a. increase the gross domestic product of the United States.
b. have no effect on either country's GDP.
c. decrease Great Britain's GDP.
d. increase the net export component of U.S. gross domestic product.
e. have to be subtracted from the U.S. GDP.
e
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One defense Microsoft can use to argue that it does not have monopoly power in the market for operating systems, is to show that
a. demand for operating systems is highly elastic. b. many other commodities have higher income elasticities of demand than operating systems. c. the cross elasticity of demand between Microsoft’s operating system and other operating systems is large and positive. d. many of its competitors' products are complements for its service.
Which of the following statements about the budget deficit is TRUE?
A) It is equal to the public debt. B) It is a stock variable. C) It is a flow variable. D) none of the above
A marginal tax rate is calculated as
A) change in taxes paid ÷ the change in total taxable income. B) change in taxable income ÷ change in taxes paid. C) taxes paid ÷ total taxable income. D) total taxable income ÷ by taxes paid.
The value of capital is as great as the services it produces over time.
Answer the following statement true (T) or false (F)