Per capita gross national income (GNI) decreases when
A. GNI increases and the population does not change.
B. GNI and the population decrease at the same rate.
C. GNI does not change and the population increases.
D. GNI and the population increase at the same rate.
Answer: C
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Which of the following is the best example of the substitution effect?
a. Joe buys fewer apples and more oranges as the result of an increase in the price of apples. b. Joe buys more apples when his income increases. c. Joe buys an apple slicer when the price of apples decreases. d. Joe buys less sugar as the result of an increase in price of apples.
Which of the following events could explain an increase in interest rates together with an increase in investment?
a. The government runs a larger deficit. b. The government institutes an investment tax credit. c. The government replaces the income tax with a consumption tax. d. None of the above is correct.
A corporation can use an initial public offering of stock to borrow money that it must pay back.
Answer the following statement true (T) or false (F)
A 25% import tariff on imported cheese is referred to as
A) Ad valorem. B) Combination. C) Specific. D) None of the above.