Which of the following is true?
a. Real GDP is a measure of income, but not output.
b. Real GDP is a measure of output, but not income.
c. Real GDP is a measure of inflation.
d. Growth of output is necessary for the growth of income.
D
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The administrative burden of taxation relates to the a. the disincentive for individuals and businesses to work generate income
b. individuals' cost of preparing tax returns and the government's cost of enforcing tax laws. c. the opportunity cost of social programs. d. the net interest that must be paid on the national debt.
All of the following, except one, are included in the profit earned by a firm's owners. Which is the exception?
a. the reward for developing new products b. the reward for moving an established business into new geographic markets c. the reward for risk taking d. salaries that compensate for the owners' time e. dividend payments to the stockholders
Change in the price of a good causes the demand schedule for that good to shift
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of monetary policy?
A. Changes in income tax rates B. The central bank buying government bonds C. Raising social security payments in response to increased inflation D. Changes in government spending on public works projects