The following national income data are in billions of dollars
Refer to the above data. Gross domestic product in this economy is:
A.
$1,049 billion
B.
$1,079 billion
C.
$1,090 billion
D.
$1,101 billion
B.
$1,079 billion
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The removal of a price ceiling in a market results in:
a. an increase in the market price. b. a shortage in the market. c. over-production of the commodity and a surplus. d. a fall in the market price. e. abnormal profits for producers.
The reason that the multiplier is smaller if there are variable taxes is that
a. taxes add to government spending, which increases income. b. people get angry about taxes and decide to work less. c. tax increases shift the expenditure line upward. d. part of an increase in income is taken away in taxes.
A move from M to N best represents a
A. change in quantity demanded.
B. change in demand.
C. increase in demand.
D. decrease in demand.
Inefficient allocation of resources occurs when
A. no one can be made better off without having someone else give up something. B. it is possible to make some people better off without making others worse off. C. society is operating at a point high on the production possibilities frontier. D. society is operating at a point low on the production possibilities frontier.