According to the income approach to measuring GDP, the largest income category is
A) profits.
B) rent.
C) wages.
D) consumption expenditure.
E) interest.
C
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Borda-count method, where if a town gets ranked #1, it gets 3 points, a town ranked #2 gets 2 points,
a town ranked #3 gets 1 point, and a town ranked #4 gets no points. With this method, the town that gets the least number of points is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
After implementation of the Single European Act, value added taxes in the EU were
A) completely harmonized. B) unchanged. C) partially harmonized with minimum and maximum permissible values set by the EU. D) eliminated except on a few items in each country. E) cut in half in order to increase the role of corporate taxes.
The Chinese famine occurred as a result of:
a. Deng's reforms b. Zhou's reforms c. The Cultural revolution d. The Great Leap forward e. The 1949 land reform
An indifference curve shows:
A. The maximum combinations of two products which a consumer can afford to buy, given prices and the consumer's income B. The quantities of two products a consumer is willing to buy at different income levels C. All combinations of two products from which the consumer derives a specific level of total utility D. Combinations of two products which yield the same marginal utilities