GDP minus depreciation equals
A. national income.
B. personal income.
C. net domestic product.
D. aggregate spending.
Answer: C
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Refer to the scenario above. Suppose a new legislative policy decreases the fine for speeding to $50. A reduction in the fine to $50:
A) makes it profitable for you to bribe. B) makes it profitable for Joe to bribe. C) changes the outcome of the game. D) will not change your dominant strategy.
A closed economy is a national economy that
A) doesn't interact economically with the rest of the world. B) has a stock market that is not open to traders from outside the country. C) has extensive trading and financial relationships with other national economies. D) has not established diplomatic relations with other national economies.
When economic profits are negative in a perfectly competitive industry,
a. we would expect the market supply curve to shift to the left as a result. b. we would expect the market supply curve to shift to the right as a result. c. we would not expect any change in the market supply curve to result. d. we would expect that the market demand curve to shift left as a result
Suppose that some people report themselves as unemployed when, in fact, they are working in the underground economy. If these persons were counted as employed, then
a. both the unemployment rate and labor-force participation rate would be higher. b. both the unemployment rate and labor-force participation rate would be lower. c. the unemployment rate would be higher, and the labor-force participation rate would be higher. d. the unemployment rate would be lower, and the labor-force participation rate would be unaffected.