Which of the following is not included in GDP as part of government services?
A.) Social Security benefits.
B.) Military equipment.
C.) Highways and bridges.
D.) Education.
A.) Social Security benefits.
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Income and revenue from taxes have a specific relationship during recessions. What is it?
A) incomes fall, tax revenue increases B) incomes rise, tax revenue decreases C) incomes fall, tax revenue decreases D) incomes rise, tax revenue increases
When the marginal product of an additional worker is less than the marginal product of the previous worker, there are ________ returns to labor
A) increasing total B) decreasing total C) increasing marginal D) decreasing marginal E) constant average
Suppose early one Friday morning the economics club buys 200 donuts at 25 cents each, and plans to sell all of them later in day on campus for 50 cents each
Only 60 donuts are sold at 50 cents, however, and by early afternoon the club is seen trying to unload the remaining donuts for 10 cents each. What is the correct price of one of donut? A) 10 cents B) 25 cents C) 50 cents D) Stated this way, the question is meaningless.
A tariff on imported peanuts ________ the quantity of peanuts imported and ________ the domestic price of peanuts
A) decreases; decreases B) decreases; increases C) increases; lowers D) does not change; increases