One effect of government mandating participation in the auto insurance market is it leads to:
A. lower premiums for all participants.
B. the collapse of the market.
C. higher premiums for all participants.
D. free coverage for some participants.
Answer: A
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A tax cut will have a greater effect on equilibrium real GDP if the
A. average propensity to consume is larger. B. marginal propensity to save is larger. C. marginal propensity to save is smaller. D. marginal propensity to consume is smaller.
In the equation, GDP = C + I + G + X - M, G refers to
A) federal government expenditures plus all transfer payments. B) local, state, and federal government spending for all purposes. C) the taxes and expenditures of all government units. D) local, state, and federal government expenditure on goods and services, but does not include transfer payments.
The figure above shows Tanya's consumption possibilities. Which of the following combinations of goods is not affordable?
A) 8 movie tickets and 3 restaurant meals. B) 12 movie tickets and 2 restaurant meals. C) 10 movie tickets and 3 restaurant meals. D) 6 movie tickets and 3 restaurant meals.
Which of the following is most likely to have an impact on the growth of productivity?
A) a decrease in the price level B) a decrease in real money balances C) an increase in the labor supply D) improvements in worker training