Three equivalent ways to measure GDP are total ________, total ________, and total ________.
A. profits; production; saving
B. production; income; expenditure
C. investment; consumption; saving
D. expenditure; income; profits
Answer: B
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If the income tax rate is 20 percent and the tax rate on consumption expenditure is 15 percent, then the tax wedge is
A) 2 percent. B) 35 percent. C) 300 percent. D) 5 percent. E) None of the above answers is correct.
How can a domestic producer determine whether or not it has a comparative advantage in the production of a good or service?
A) It cannot. B) by comparing the price it receives to the prices of other domestic producers C) by comparing the price it receives to the world price D) by comparing the quantity it produces to the quantity produced in the world E) by comparing the total domestic quantity to the total world quantity
Assume Congress holds a hearing on the impact of gasoline prices on the price of corn. Most likely, this hearing will be
A) a partial equilibrium analysis. B) a general equilibrium analysis. C) about consumer rather than producer surplus. D) an analysis of efficiency.
The term "import" refers to:
a. a purchase of goods or services from another country. b. a business transaction between two or more domestic firms. c. a sale of goods or services to another nation. d. a tax on foreign merchandise. e. a trade agreement between two industrial countries.