GDP estimates account for which of the following items?
A. Do-it-yourself activities
B. "Psychic income" people derive from their work
C. Household spending for health and home insurance
D. Improvements in product quality
C. Household spending for health and home insurance
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The larger the wealth effect, the less likely it is that a wage tax will give rise to a Laffer curve that has a downward sloping portion.
Answer the following statement true (T) or false (F)
Widespread assumptions about the first transatlantic railroad did NOT include:
a. that government support was as essential. b. that profits to the nation would be enormous. c. that private investors would be easily compensated for any risk. d. that transatlantic crossing via rail would take a fraction of the time of a clipper ship passage.
What happens to the saving curve when the consumption curve shifts? What happens to the saving and consumption curves when taxes are changed? Explain
Adam Smith believed that people's pursuit of their own self-interests
a. tended to promote the general welfare
b. required the government's "invisible hand" to keep the economy running smoothly
c. might cause aggregate demand to be greater than aggregate supply
d. would increase the wealth of a nation, which was the quantity of gold and silver it owned
e. would decrease the wealth of a nation, which was its ability to produce goods and services