A nation's gross domestic product (GDP) ________.
A. is always some amount less than its net domestic product
B. can be found by summing C + I + G + NX
C. is the dollar value of the total output produced by its citizens, regardless of where they are living
D. can be found by summing C + S + G + NX
Answer: B
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Which of the following would increase the current account balance of the United States?
A) an increase in the balance of trade B) an increase in imports C) an increase in the amount of income U.S. companies pay out to foreigners who own investments in the United States. D) an increase in the amount of money the U.S. government sends in foreign aid to other countries
Suppose that in a certain society $10,000 is the official cut-off of income for the poor. This means that any person making less than $10,000 is considered poor. Suppose further that there are three people in this society: Randy, Marlon, and Tito, with incomes of $9,900, $9,900, and $5,000, respectively.
A) How many people are in poverty? B) How much income would it take, on average, to lift every poor person out of poverty? C) What if some policy caused $200 to be taken from Tito and given to Randy. How many people are in poverty now? How much income would it take, on average, to lift every poor person out of poverty?
With a tax, the reduction in total surplus is partially offset by the tax revenue
a. True b. False Indicate whether the statement is true or false
The fish in the ocean are
a. allocated efficiently because there are no limitations on entry into the ocean fisheries business. b. scarce, but only because of the highly restrictive regulations imposed by various nations. c. a commonly owned, open access resource and therefore they are often over-exploited. d. privately owned and therefore they are allocated efficiently.