Suppose that in 2016, the national income in the United States was $200 billion, depreciation was $15 billion, personal taxes were $20 billion, and transfer payments were $10 billion. Gross domestic product in 2016 is
A) $185 billion. B) $215 billion. C) $220 billion. D) $245 billion.
B
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Which of the following will cause, other things being equal, a movement along the supply curve for LED televisions?
A) an improvement in the technology of producing LED televisions B) an increase in resource costs for producing LED televisions C) a reduction in the price of LED televisions D) an expectation that the price of LED televisions will be lower in the future
Brandon receives a marginal utility of 5, 4, 3, 2, 1, and 0 from eating successive donuts. Successive cups of coffee provide him with 9, 8, 6, 4, 3, and 2 utils of marginal utility. Donuts cost 50 cents each, coffee costs $1 per cup, and Brandon has $3 to spend. Which of the following options will yield Brandon the greatest utility?
a. six donuts b. four donuts and one cup of coffee c. two donuts and two cups of coffee d. four donuts and one cup of coffee
An increase in the marginal income tax rate will increase the quantity of labor supplied.
Answer the following statement true (T) or false (F)
Juan purchases automobile insurance; the insurance contract is a:
A. financial instrument. B. financial intermediary. C. transfer of risk from the insurance company to Juan. D. form of money.