The income approach measures GDP by adding together compensation of employees, proprietors' income, ________
A) net investment, saving, and farmers' income
B) net interest, rental income, and corporate profits
C) net investment, rental income, and corporate profits
D) net saving, investment income, and profits
B
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A property right _____
a. gives the owner the right to do whatever she pleases with the property b. applies to homes and cars, but not to other types of property c. does not free an individual from related obligations d. is limited by a person's ability to protect it from predators
Assume that the United States uses 20 worker-hours to produce 1 computer and 5 worker-hours to produce 1 unit of food; assume also that Japan uses 10 worker-hours to produce 1 computer and 30 worker-hours to produce 1 unit of food. Which of the following statements is true?
a. Japan has the comparative advantage in food production. b. The United States has the comparative advantage in food production. c. The United States has the absolute advantage in food production. d. The United States has a lower opportunity cost for making computers. e. Japan has a lower opportunity cost for making food.
Which of the following is true with regard to the use of countercyclical fiscal policy as a stabilization tool?
a. Successful fiscal policy would be easy to achieve if Congress had greater access to forecasting tools. b. Successful fiscal policy is difficult to achieve because Congress acts slowly and our ability to predict the future is limited. c. Successful fiscal policy is easier to achieve today because econometric forecasting models are highly accurate. d. Congress and the President have persistently altered fiscal policy in a stabilizing manner.
The Labor-Management Relations Act of 1947 (also known as the Taft-Hartley Act) was significant because it
A. curtailed union power by permitting states to pass right-to-work laws. B. granted firms the right to break unions. C. granted union rank and file the right to decertify its leadership via election. D. created the National Labor Relations Board. E. outlawed yellow-dog contracts.