Gross Domestic Product (GDP) exceeds net domestic product by an amount equal to
A. transfer payments minus personal taxes.
B. indirect business taxes.
C. corporate profits plus personal taxes.
D. the capital consumption allowance (depreciation).
Answer: D
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Consumers maximize their total utility subject to a budget constraint if the
a. total utility is increasing and marginal utility decreasing b. dollar amount (value) spent on each good is the same c. total utility gained from each good is equal d. marginal utility of the last dollar spent on each good is equal e. total utility equals the total budget constraint
In a rent-controlled building, a landlord would most likely negotiate with a tenant who has ______.
a. recently moved into an apartment b. a low income c. lived in the apartment for 15 years d. a large family
When governments subsidize retraining programs for unemployed workers to learn new skills, they are trying to minimize the effects of which kind of unemployment?
A. Seasonal B. Structural C. Frictional D. Real-wage
The international organization with the sole goal of promoting global antipoverty efforts is the
A. International Monetary Fund. B. World Bank. C. GAE. D. Board of Governors of the Federal Reserve System.