Which of the following is considered investment?
A. the purchase of IBM stock
B. the acquisition of capital goods
C. the purchase of government bonds
D. the sale of foreign currency
Answer: B
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Which of the following is least likely to be considered an input to production?
A) a supervisor's time B) an integrated circuit fabrication plant C) wind D) None of the above.
When buying a car from a commission salesman you improve your bargaining position by
a. shopping when the new model year cars have just arrived b. shopping when the showroom is empty of customers c. shopping when the car lot has few cars left unsold d. shopping toward the beginning of the month
Which of the following is an example of a positive, as opposed to normative, statement?
a. When the minimum wage is increased, unemployment is a predictable consequence. b. The income tax rate should be increased to offset the budget deficit. c. Increasing government spending is the best way to help the economy move out of a recession. d. More than one of the above are positive statements.
If receipts of factor income from the rest of the world are less than payments of factor income to the rest of the world, then
A. GDP equals GNP. B. GNP equals NNP. C. GNP is greater than GDP. D. GDP is greater than GNP.