Suppose the following information describes the economy:Government purchases of goods and services1,000Household saving1,000Government transfers and interest payments500Tax collections500Business saving1,500Private saving equals ____and public saving equals ________.
A. 2,500; 0
B. 2,500; -1,000
C. 1,000; -500
D. 1,000; 0
Answer: B
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Which of the following are TRUE regarding "positive" statements? I. They describe what "ought to be." II. They describe what is believed about how the world appears. III. They can be tested as to their accuracy
A) I and II B) II and III C) I and III D) I, II and III
People who are risk neutral are more likely to engage in tax evasion than people who are risk loving.
A. True B. False C. Uncertain
To answer the next question, use the following graph showing the domestic demand and supply curves for a specific standardized product in a particular nation.
If the world price of this product is $1, this nation will
A. export all of the product. B. import all of the product. C. import some of the product and produce some of the product domestically. D. neither export nor import the product.
Which of the following can be considered a free-trade zone?
A. all English-speaking nations B. countries that are members of GATT C. the industrialized OECD nations D. the European Union