Measured as a share of GDP, the total government expenditures of the United States are
a. larger than any country in the world.
b. smaller than any country in the world.
c. smaller than the comparable figure for Japan and most Western European countries.
d. larger than the comparable figure for Japan and most Western European countries.
C
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What is the journal entry to record the direct labor summarized on the labor distribution report?
a. debit to Finished Goods and credit to Payroll b. debit to Work-in-Process and credit to Payroll c. debit to Payroll and credit to Direct Labor d. debit to Payroll and credit to Cash
Refer to Table 2-15. Which of the following statements is true?
A) Jack has a comparative advantage in lawn mowing and George in garden cultivating. B) Jack has a comparative advantage in garden cultivating and George in lawn mowing. C) George has a comparative advantage in both tasks. D) Jack has a comparative advantage in both tasks.
In the above table, what is the average total cost to produce 5 units of output?
A. $40 B. $60 C. $80 D. $55
Credit rationing and the financial accelerator are responsible, in part, for
A) the significant volatility of gross private investment. B) the significant volatility of real personal consumption. C) smoothing gross private investment during severe recessions. D) smoothing real personal consumption during expansions.