An example of final goods in national income accounts would be:
A. New lawn mowers purchased by Cut-Rite Lawn Equipment & Supplies
B. Flowers and pots purchased by homeowner Joe Smith
C. Chemicals purchased by Green Grass Lawn Care Services
D. Seedlings and saplings purchased for resale by Wendy's Garden Center
B. Flowers and pots purchased by homeowner Joe Smith
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As price increases, additional suppliers are willing to produce a commodity.
Answer the following statement true (T) or false (F)
The reason that the multiplier is smaller if there are variable taxes is that
a. taxes add to government spending, which increases income. b. people get angry about taxes and decide to work less. c. tax increases shift the expenditure line upward. d. part of an increase in income is taken away in taxes.
The laws governing patents and copyrights
a. promote monopolies. b. are intended to serve private interests, not the public's interest. c. have costs but not benefits. d. eliminate the need for firms to engage in research and development.
Refer to the information provided in Table 2.1 below to answer the following question(s). Table 2.1?KrystalMarkWriting Poems812Writing TV Commercials24Refer to Table 2.1. To maximize total production,
A. Krystal should write poems and write TV commercials, but Mark should only write poems. B. Krystal should specialize in writing TV commercials, and Mark should specialize in writing poems. C. Mark should specialize in writing TV commercials, and Krystal should specialize in writing poems. D. Krystal and Mark should both split their time between writing poems and writing TV commercials.