Greg, a U.S. citizen, works only in Canada. Where is the value that his labor contribute to put in national income accounting?
What will be an ideal response?
It is included in U.S. GNP, but it is not included in U.S. GDP.
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The following are all functions of money except
A) medium of exchange. B) store of value. C) unit of account. D) source of anxiety.
Suppose you inherit the only spring of mineral water in an area and want to maximize profits from this costless product. You would ask your customers to bring their containers with them and:
a. charge them the highest price possible to sell some output. b. charge them the lowest price possible to sell as much as you can. c. ask them how much they would like to pay and accept it. d. charge the price at which MR is zero. e. charge the price at which MR is maximum.
Which of the following explains why public employees (more frequently than private employees) tend be in defined benefit programs?
A. They tend to begin and end their career with the same employer. B. They tend to fall for Ponzi schemes. C. They tend to move from employer to employer. D. They have well-funded private savings plans.
Explain whether or not the ability-to-pay principle of tax equity is consistent with the benefits received principle of taxation.
What will be an ideal response?