Suppose that in 2016, the national income in the United States was $200 billion, depreciation was $15 billion, personal taxes were $20 billion, and transfer payments were $10 billion. Gross domestic product in 2016 is
A) $185 billion. B) $215 billion. C) $220 billion. D) $245 billion.
B
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The greater the degree of substitutability between capital and labor, the greater will be the downward shift in the cost curve when wage falls.
Answer the following statement true (T) or false (F)
The above figure gives your budget line between CDs and magazines. The slope of the budget line is ________ CD per magazine
A) 1/2 B) -1/2 C) -1 D) -2
Which of the following phrases does not describe an essential characteristic of a factory?
a. produces a standardized product to be sold in a wide market b. relies on stocks and bonds in order to finance plants and machinery c. assembles workers under a definite organizational discipline d. carries out complex operations in one building or in adjacent buildings
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.