Answer the following statements true (T) or false (F)
1. expenditures included in GDP are usually less than the income component of GDP.
2. Imports constitute a minus figure in national income accounting.
3. Final sales are always larger than the GDP.
4. Personal consumption expenditures account for approximately seven-tenths of the GDP in the United States.
5. In terms of purchasing power parity, Japan has highest per capita GDP in the world.
1. FALSE
2. TRUE
3. FALSE
4. TRUE
5. FALSE
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At the time it collapsed in 1991, the Soviet Union possessed all of the factors that promote increases in economic growth except:
A. a large stock of capital. B. abundant natural resources. C. a political and legal environment that promoted economic productivity. D. a highly educated worker force.
What is comparative advantage? Give an example
What will be an ideal response?
The Sherman Act
a. prohibited restraint of trade b. created the Federal Trade Commission c. prohibited fraudulent advertising d. regulated the railroads e. exempted insurance companies from antitrust law
Determinants of the supply of loanable funds are all except:
A. wealth. B. expectations of future economic conditions. C. social welfare policies. D. rate of return on investment.