Over time Americans have chosen to cook less at home and dine out more. This change in behavior:
A) increases GDP.
B) reduces GDP.
C) does not affect GDP.
D) none of the above
A
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Most of the income received by families and individuals in the United States arises from the ownership of
A) capabilities embodied in human beings. B) corporations. C) industrial, commercial, and residential real estate. D) stocks, bonds, and other financial instruments. E) transnational business enterprises.
Do macroeconomic issues concern the well-being of the typical individual member of an economy?
A) No, since we are focusing on the behavior of aggregate quantities. B) No, since most individuals have little contact with other economies in the world. C) Yes, since macroeconomic events have widespread effects on everyday lives. D) Yes, since macroeconomics focuses on the decisions constantly being made by the average individual.
Refer to the payoff matrix below. If Best Lights and Bright Lights both set a High Price, the profit for Best Lights are ________ and the profit for Bright Lights are ________ than if both firms set a Low Price.
A) higher; lower
B) lower; higher
C) higher; higher
D) lower; lower
A flat tax: a. is designed so that everybody would pay the same number of dollars in taxes
b. is designed in such a way that as a person's income rises, the tax rate falls. c. is designed so that everybody would be charged the same percentage of their income. d. is designed to take a smaller percentage of higher incomes as compared to lower incomes.