The U.S. system of national income accounts was started in the
a. late 1800s to measure the effects of rapid industrialization
b. mid-1910s to measure the effects of World War I on the economy
c. early 1930s to keep track of national income and output
d. early 1940s to keep track of output during World War II
e. early 1950s to measure changes in post-World War II output and income
C
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To an economist, theory can be thought of as
A. abstraction for the sake of argument. B. one person’s opinion, which is just as good as another’s. C. another term for the description of a situation. D. beliefs that cannot necessarily be verified. E. explanation of mechanisms behind observed phenomena.
A shortage will occur whenever
A) price is below the equilibrium price. B) price is above the equilibrium price. C) price is equal to the equilibrium price. D) the supply curve is upward sloping.
Which of the following is true if all the national debt were owned internally?
a. The federal government would not need to refinance the national debt. b. The federal government would not need to worry about raising taxes to pay interest on the national debt. c. We would still be concerned about the effect on the distribution of income from interest payments on the national debt. d. All of these are true.
Millionaires tend to be older than the general population because
a. the earnings of most people peak during the retirement phase of life. b. older workers generally have more education than younger workers. c. many achieve millionaire status by saving from a relatively modest income, and this will take a lengthy period of time. d. older people have less to do, and therefore, they have more time to come up with innovative ideas