Which of the following will cause the production possibilities curve to shift inward?
A. An increase in knowledge.
B. An increase in the working-age population.
C. A technological advance.
D. A decrease in the size of the labor force.
Answer: D
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National income is calculated by subtracting ____ from GDP
a. depreciation. b. investment and net exports. c. Social Security insurance contributions and transfer payments. d. corporate and personal income taxes.
Which of the following statements best describes the price, output, and profit conditions of monopoly?
a. Price will equal marginal cost at the profit-maximizing level of output and profits will be positive in the long-run. b. Price will always equal average variable cost in the short-run and either profits or losses may result in the long run. c. All of the answers are correct. d. In the long-run, positive economic profit will be earned.
A normal good is one:
A. whose amount demanded will increase as its price decreases. B. whose amount demanded will increase as its price increases. C. whose demand curve will shift leftward as incomes rise. D. for which the consumption varies directly with income.
Which of the following is an accurate statement about universal banks?
A. As in Germany, universal banks in the United States do everything under one roof, including direct investment in the shares of nonfinancial firms. B. Universal banks in the United States account for the largest share of financial intermediary assets. C. In Germany the provision of insurance, banking, and securities must be done by separate corporations. D. In Germany universal banks do everything under one roof, including direct investment in the shares of nonfinancial firms.