The Bureau of Labor Statistics counts a member of a surveyed household as an adult if that person is at least
a. 14 years old.
b. 16 years old.
c. 18 years old.
d. 21 years old.
b
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When net capital outflow is negative, it means that on net the value of domestic assets purchased by foreigners exceeds the value of foreign assets purchased by domestic residents
a. True b. False Indicate whether the statement is true or false
With a given level of money income, when the price of a product that a consumer buys declines, the purchasing power of your money income
A) decreases. B) increases. C) is unchanged. D) can increase or decreases depending on the goods being consumed.
GDP tends to overstate economic well-being because it takes into account:
A. All of the illegal activities conducted by organized crime in the economy B. Spending on intermediate goods that are used to produce final goods C. Total spending to deal with the adverse health effects of some products D. The personal labor time that car owners spend working on car repairs and maintenance of their vehicles
To compare the costs of a college education, a wise student, when choosing between an expensive school with a high-expected income and a less expensive school with a lower-expected income would use the concept of
A. present value. B. actual costs and benefits. C. plausible deniability. D. enumerated costs and benefits.