Which of the following is a major by-product of the technological change that took place in the 1980s?
A. Well-defined property rights
B. Rapid product obsolescence
C. An increase in outsourcing
D. Reorganization of inventory control methods
Answer: B
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A good that has external costs associated with its production will be
A) produced at the optimal level. B) underproduced. C) overproduced. D) not produced.
The most-favored-nation clause was created in the
a. Trade Expansion Act of 1962. b. Marshall Plan. c. Reciprocal Trade Agreements Act of 1934. d. Canadian-American Trade Act.
Suppose an economy produces only ice cream cones. If the price level rises, the value of currency
a. rises, because one unit of currency buys more ice cream cones. b. rises, because one unit of currency buys fewer ice cream cones. c. falls, because one unit of currency buys more ice cream cones. d. falls, because one unit of currency buys fewer ice cream cones.
Answer the following statements true (T) or false (F)
1. If gross investment is positive, it means that firm (or the economy) is must be expanding. 2. Changes in business inventories are included as part of investment in the national income accounts. 3.In an economy, the value of inventories fell by $50 billion from Year 1 to Year 2. In calculating total investment for Year 2, national income accountants would increase it by $50 billion. 4. If the University of Missouri, a public school, builds a new laboratory, then it will be counted as part of I g in GDP. 5. Government purchases are the largest component of aggregate expenditures in the United States.