An international comparison of eight major industrialized countries reveals the following about the components of GDP: ________
A) the U.S. has one of the largest shares of GDP going to investment
B) the U.S. has one of the smallest government share of GDP
C) the U.S. runs one of the largest trade deficits
D) all of the above
E) none of the above
C
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Which of the following is a consequence of minimum wage laws?
A) Producers have an incentive to offer workers non-wage benefits such as health care benefits and convenient working hours rather than a higher wage. B) Employers will be reluctant to offer low-skilled workers jobs with training. C) All workers benefit when the minimum wage is increased. D) Low-skilled workers benefit because minimum wage increases the number of jobs providing low-skilled workers with training.
Given that GDP is a measure of what is produced in a country, explain how the expenditure approach can measure GDP. How are items produced, but not yet sold, accounted for in the expenditure approach?
China's initial economic reforms were in which sector?
A) Manufacturing B) Infrastructure C) Agriculture D) Mining
Theory in economics
a. involves some simplification of reality b. bears no relation to reality c. approaches reality in all its complexity d. involves so much distortion of reality that it is worthless e. focuses on the unique aspects of each situation