The concept of money as a “unit of account” involves the use of money to
A. speed transactions.
B. reduce shopping time.
C. protect against inflation.
D. quote prices.
Answer: D
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Another way to think of the marginal seller is the seller who
a. will accept the lowest price of any seller in the market. b. requires the highest price of any potential seller in the market. c. would leave the market first if the price were any lower. d. would leave the market last if the price falls.
Which of the following statements is true?
A. The inclusion of intermediate goods and services into GDP calculations would underestimate our nation's production level. B. The expenditures approach sums the compensation of employees, rents, profits, net interest, and nonincome expenses for depreciation and indirect business taxes. C. Real GDP has been adjusted for changes in the general level of prices due to inflation. D. Real GDP equals nominal GDP multiplied by the GDP deflator.
One reason that professional baseball players earn higher incomes than college professors is that:
A. the training costs to enter the baseball profession are low. B. there no barriers to entry in the baseball profession. C. few people have the skill to play professional baseball. D. being a college professor requires less education.
In 2015, the U.S. personal income tax system consisted of the following tax rates:
A. 5%, 10%, 15%, 20%, 25%, and 30%. B. 5%, 10%, 15%, 25%, 30%, and 35%. C. 10%, 20%, 30%, 40%, 55%, and 69%. D. 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%.