Alice's Restaurant is a business that is struggling to make a profit. Alice, the sole proprietor, wins the state lottery and becomes a multi-millionaire. She plans to continue to operate the restaurant because she enjoys the work. As her economist friend, the best advice you could give her would be to
a. form a corporation
b. bring in a partner
c. open a second restaurant
d. work under-the-table
e. work more hours
A
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In the circular flow of economic activity
A) aggregate expenditure measures the dollar value of purchases of factors. B) aggregate expenditure measures the dollar value of purchases of final goods and services. C) aggregate income measures the dollar value of labor resources only. D) aggregate expenditure is measured as it moves through the financial markets.
Tariffs are considered to be a popular tax in the first world countries, who justify them on the basis of the revenue they generate for government spending
a. True b. False Indicate whether the statement is true or false
The tax cuts of 1981 and 1986
a. stimulated the economy and tax revenues increased to eliminate deficits b. stimulated the economy as supply-side economists predicted it would c. depressed the economy as supply-side economists predicted it would d. had neither a noticeable stimulating nor depressing effect on the economy e. were found to be unconstitutional and so couldn't have had the effect on the economy that the President had hoped
U.s. gnp
a. includes production of foreigners working in the U.S. and production of U.S. citizens working in foreign countries. b. includes production of foreigners working in the U.S. but excludes production of U.S. citizens working in foreign countries. c. excludes production of foreigners working in the U.S. but includes production by U.S. citizens working in foreign countries. d. excludes production of foreigners working in the U.S. and production by U.S. citizens working in foreign countries.