When an employee at a grocery store scans the price of your items, bags the groceries, and collects your paper, the individual has provided
A) physical capital.
B) entrepreneurship.
C) a service.
D) land.
Answer: C
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Government expenditures are defined as
A) government spending on goods and services plus transfer payments. B) the excess of total expenditures over total revenues. C) the sum of all past borrowing by the government. D) the excess of total revenues over total expenditures.
The Laffer curve demonstrates that raising tax rates:
A. increases then decreases tax revenues. B. always increases tax revenues. C. always decreases tax revenues. D. decreases then increases tax revenues.
Real GDP is calculated because
a. it is a much better measure of economic behavior than nominal GDP b. the value of the dollar is increasing c. it allows us to make comparisons between countries d. nominal GDP has no theoretical foundation e. nominal GDP is corrected for inflation
It is often easier to see the ___________ of globalization than it is to see the _____________. This is because the costs tend to be more ________________, while the benefits tend to be __________________
A) costs; benefits; concentrated; widely dispersed. B) benefits; costs; concentrated; widely dispersed. C) costs; benefits; widely dispersed; concentrated. D) benefits; costs; widely dispersed; concentrated.