In the 1850s, the proportion of silver in the currency supply fell, and the proportion of gold rose. This is an illustration of :
a. the quantity theory of money.
b. Gresham's law.
c. Say's law.
d. the Walrasian auctioneer.
e. none of the above.
b. Gresham's law.
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The Congressional Budget Office estimates that the Patient Protection and Affordable Care Act (ACA) will
A) increase federal government spending by about $2 trillion over 10 years. B) cost the government significantly more than the additional taxes and fees enacted under the law will bring in. C) actually reduce government spending over a 20 year period. D) eliminate the budget deficit within 10 years.
Additions to inventory are
A) not counted as an expenditure in GDP accounting. B) counted as an intermediate input. C) counted as a component of investment spending. D) subtracted from sales revenue in calculating profit income.
Which of the following is true?
(a) GDE = FD - M; (b) GDPfc +T-S=GDPmp; (c) GNP - NFIFA = NNP; (d) GNP=FD-X.
The total output produced by a firm divided by the quantity of workers employed by the firm is the definition of
A) the marginal product of labor. B) the division of labor. C) the average product of labor. D) the average cost of production.