If GNP is $800 billion and depreciation is $90 billion, then net national product is
A. $710 billion.
B. $845 billion.
C. $890 billion.
D. $980 billion.
Answer: A
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When the economy operates below full employment, an increase in government spending must crowd out another component of GDP
Indicate whether the statement is true or false
Why, in the U.S., do professional soccer players command a far lower salary than professional baseball players?
A) Soccer is in much less demand. B) Soccer costs less to manage and perform compared to baseball. C) Soccer has yet to mature. D) The baseball players prefer lobbied to keep soccer salaries low.
Direct controls imposing identical emission limits on all polluters are
A) efficient if emissions can be accurately monitored, which is seldom possible. B) equitable because all polluters bear equal costs. C) likely to require a great deal of high-cost pollution reduction. D) more efficient and equitable than a system of fines because fines matter less to large than to small polluters.
In the supply and demand model, prices
a. are controlled by the government. b. show equilibrium. c. are signals about the value and availability of the good. d. are the cost of production.