Currently, the U.S. national income and product accounts (NIPA) use what type of price index to calculate real GDP?
A. Heavy-weight
B. Fixed-weight
C. Variable-weight
D. Chain-weight
Answer: D
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Would a profit-maximizing firm sell at a price where demand is inelastic? Explain.
What will be an ideal response?
High sunk costs in the jet aircraft market has assured Boeing of a monopoly in the production of jets for the air travel market.
Answer the following statement true (T) or false (F)
The total burden of a tax is the
a. absolute number of dollars an individual pays. b. percentage of income a person pays. c. number of dollars a person must be given after taxation to make him as well off as he was before taxation. d. revenue lost to loopholes.
Since 1930, interest payments on past federal government borrowings were the highest in the 1980s and 1990s
a. True b. False Indicate whether the statement is true or false