Which of the following items is included in U.S. GDP?
a. final goods and services that are purchased by the U.S. federal government
b. intermediate goods that are produced in the U.S. but that are unsold at the end of the GDP accounting period
c. goods and services produced by foreign citizens working in the U.S.
d. All of the above are included in U.S. GDP.
d
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Trade results from
A) comparative advantage. B) diminishing returns. C) self-sufficiency. D) absolute advantage.
A local government currently has a tax base of $4 billion and a tax rate of 5 percent. If the tax rate is increased to 6 percent, the tax base will decrease to $3.5 billion. If the goal is to maximize tax revenues the tax rate should be
A) lowered below 5 percent. B) kept at 5 percent. C) raised to 6 percent. D) abolished.
If goods X and Y are complements, then the cross price elasticity of demand between them will be
a. positive. b. negative. c. zero. d. infinity.
If price increases 6% and the quantity exchanged increases 4%, what does that tell us about the elasticity of demand? a. Demand is elastic
b. Demand is unit elastic. c. Demand is inelastic. d. It tells us nothing about the elasticity of demand.