The value of GDP can be found by adding together
A. wages, consumption, investment, and imports.
B. government purchases, consumption, net exports, and investment.
C. consumption, government purchases, transfer payments, and net exports.
D. wages, investment, government purchases, and depreciation.
B. government purchases, consumption, net exports, and investment. (GDP can be found by adding government purchases, consumption, net exports, and investment together.)
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What has been the main argument over recent efforts to replace the personal income tax with a value-added tax?
What will be an ideal response?
Sale taxes are
A. easy to administer at lower rates. B. correctives for externalities. C. substitutes for user fees. D. all of these answer options are correct.
In a two-period model with default, if the market interest rate is low, then
A) default is more likely B) there is no effect on the nation's default decision. C) default is less likely. D) the income effect is larger than the substitution effect.
In the long run, a fall in the input price causes less of an increase in factor demand
A) if the increase of product supply affected price. B) if the market price will decrease too. C) if the market price remain constant. D) if the factor demand is more elastic.