Goods and services sold to foreign buyers are
A. Exports.
B. A trade embargo.
C. The terms of trade.
D. Imports.
Answer: A
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Which of the following statements is NOT true about using per capita real GDP to measure a nation's economic growth?
A) The definition does not indicate how the increase in growth is being disturbed among the nation's population. B) The definition assumes that some of the increase in productivity goes to the poor. C) The definition is not perfect for measuring increases in a nation's productive capacity. D) The definition has understated actual economic growth because it does not take into consideration changes in leisure.
The law of diminishing marginal returns:
a. states that each and every increase in the amount of the variable factor employed in the production process will yield diminishing marginal returns b. is a mathematical theorem that can be logically proved or disproved c. is the rate at which one input may be substituted for another input in the production process d. none of the above
A cartoon in the text says that while the economy has been expanding, the share of income to blacks and poor whites has decreased. This implies that the
A. Tax elasticity of supply is greater. B. Level of income inequality has decreased. C. Gini coefficient is smaller. D. Area between the Lorenz curve and the absolute equality line has increased.
Disposable personal income is defined as
A) personal income less personal taxes. B) personal income less personal taxes plus indirect sales taxes. C) personal income less transfer payments plus personal taxes. D) personal income less depreciation.