What measure of economic well-being is most often used?
a. gross domestic product
b. gross domestic product per capita
c. nominal gross domestic product per capita
d. real gross domestic product per capita
d. real gross domestic product per capita
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The infant industry argument calls for active government involvement
A) only if the government forecasts are accurate. B) only if some market failure can be identified. C) only if the industry is not one already dominated by industrial countries. D) only if the industry has a high value added. E) only if the industry is independently able to earn high returns.
The most important source of revenue for the federal government is
A) tax revenue. B) investment income from the Federal Reserve. C) seigniorage. D) import tariffs.
The most basic investigative tool of economics is the
a. concept of scarcity. b. mechanism of supply and demand. c. coordination and trade syndrome. d. inflation-unemployment trade-off. e. regulation of business.
Firms pay celebrities to endorse their products because they believe this will increase the demand for these products.
a. true b. false