Indicate whether the statement is true or false
In the national income accounts, government expenditure on goods and services exclude
A) transfer payments.
B) state and local government purchases.
C) local government purchases but include state government purchases.
D) spending on national defense.
A
Economics
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A positive externality is created if:
A. an action harms someone not involved in the market transaction. B. an action benefits someone not involved in the market transaction. C. neither helps nor hurts someone not involved in the market transaction. D. an action harms or benefits someone not involved in the market transaction.
Economics
In equilibrium, with exports equal to imports it must be the case that
A) leakages equal injections. B) saving plus taxes equal government expenditures plus investment. C) total expenditures equal GDP. D) All of these.
Economics
Markets tend to increase the costs of time and information required for exchange.
Economics
A certain production process requires only two types of inputs — capital and labor. In 2006, 100 units of labor and 50 units of capital were employed, and 100 units of output were produced. In 2013, 112 units of labor and 56 units of capital were employed. If the production process displays constant returns to scale, then how many units of output were produced in 2013?
a. 100 b. 112 c. 124 d. 144
Economics