The distribution of world income is
a. equalizing rapidly.
b. very unequal.
c. very equal for countries in the Northern Hemisphere.
d. very equal for countries in Europe.
b. very unequal.
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Which of the following would count as an investment expenditure in the GDP expenditures approach?
a. General Motors hires 10 electrical engineers. b. Boeing purchases a new metal stretching machine used to produce airplane wings. c. Ms. Quantum buys 100 shares of Microsoft stock. d. A large corporation spends $10,000 per month on long-distance phone charges.
The fractional reserve system of banking evolved because
a. goldsmiths did not have safes large enough to hold all their gold deposits. b. there was always a dire need for additional money. c. goldsmiths knew that on any given day, only a few depositors would come to claim their deposits. d. goldsmiths knew that they would not be prosecuted for lending out money they did not have.
Central banks can increase the money supply by:
a. Buying government securities. b. Selling foreign exchange. c. Raising margin requirements. d. All of the above. e. None of the above.
Taxes on labor tend to encourage second earners to stay at home rather than work in the labor force
a. True b. False Indicate whether the statement is true or false