What word do we use to refer to the amount of goods and services produced for each hour of a worker's time?
The word in question is productivity.
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"He who pays a tax should receive the benefit from the expenditure financed by the tax." This statement reflects which of the following principles for a tax?
a. Fairness of contribution. b. Ability-to-pay. c. Benefits-received. d. Inexperience-to-collect.
How does a budget deficit lead to a trade deficit?
a. The trade deficit triggers higher interest rates, which increase the budget deficit. b. The budget deficit leads to higher interest rates and exchange rates, which shrink net exports. c. The trade deficit causes lower interest rates, which leads to economic recession and a budget deficit. d. The budget deficit causes lower exchange rates, which decrease net exports.
If the demand curve for wheat is inelastic, then total farm income from wheat will be:
A. Higher in years of low yields and lower in years of high yields B. Lower in years of low yields and higher in years of high yields C. Higher in years of falling prices D. Lower in years of rising prices
Define savings rate. If the aggregate savings in an economy is $10,000 and the aggregate income in the economy is $70,000, what is the savings rate in the economy?
What will be an ideal response?