The investment component of GDP includes
a. residential construction investment.
b. inventory investment.
c. business fixed investment.
d. Both b and c
e. All of the above
E
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Assume the U.S. population is 300 million. If 200 million people are of working age, 125 million are employed, and 15 million are unemployed, what is the size of the labor force?
A) 200 million B) 125 million C) 175 million D) 140 million E) 215 million
When a consumer is impatient, his indifference curves for current and future consumption
a. are flatter than the budget line at the endowment point. b. must be straight lines. c. have absolute slopes less than 1 along the 45° line. d. have absolute slopes greater than 1 along the 45° line.
If Honduras were to subsidize the production of wool blankets and sell them in Sweden at artificially low prices, the Swedish economy would be worse off
a. True b. False Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. Public choice economists feel that government activities are the result of individual behaviors. 2. Competition has been eliminated from the public sector. 3. The individual consumption–payment link is created by majority rule. 4. Most voters are extremely liberal or extremely conservative. 5. Ideally, voters in a democracy should know about the candidates and the issues.