A record of all transactions between residents of the reporting country and residents of the rest of the world over a period of time is called the:
A) national income product accounts.
B) balance of payments accounting system.
C) accrual accounting system.
D) none of the above.
B
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If the price of a 32GB memory card decreases from $25 to $20, the percentage change is
A) -20 percent. B) -33 percent. C) -50 percent. D) -60 percent.
Consider a tax cut which affects not only consumer disposable income, but also after-tax earnings from labor supplied to labor markets and from financial assets acquired through saving. In the long run we would expect this tax cut to
A) increase both the price level and the level of real GDP. B) decrease both the price level and increase real GDP. C) increase the price level. D) increase the level of real GDP.
A change in input prices will change the location of the budget line
a. True b. False Indicate whether the statement is true or false
What is the opportunity cost of going from point C to point D?
