Which of the following is an income number?
A. M1
B. M2
C. GDP
D. Cash
Answer: C
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If a farmer produces 1000 bushels of corn using ten acres of land and one tractor and is able to produce 2000 bushels of corn using twenty acres of land and one tractor, the farmer has
A) increasing returns to scale. B) constant returns to scale. C) decreasing returns to scale. D) no returns to scale.
Which of the following European Union (EU) nations has not adopted the euro?
A. France B. Great Britain C. Germany D. Italy
Daily Output of Russia and Panama?RussiaPanamaGloves 40240Hats120180
Refer to Table 18.1. Panama has a comparative advantage in:
A. hats. B. gloves. C. both hats and gloves. D. neither hats nor gloves.
The type of tax receipts that has shown the slowest growth since World War II has been
A. personal taxes. B. contributions for social insurance. C. taxes on production and imports. D. corporate taxes.