What portion of government consumptions expenditures on nondefense goods and services is carried out by state and local governments?
A. About 67%
B. Over 80%
C. About 50%
D. Under 30%
Answer: B
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A nation's standard of living, as measured by real GDP per person, increases:
A. only if the share of population employed increases. B. if either average labor productivity and/or the share of population employed increase. C. only if both average labor productivity and the share of population employed increase. D. only if average labor productivity increases.
A firm is charging a different price for each unit purchased by a consumer. This is called
A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) fourth-degree price discrimination. E) fifth-degree price discrimination.
The amount of money received in a particular period adjusted for changes in purchasing power is called:
A. nominal income. B. real income. C. a cost-of-living index. D. consumer surplus.
Which of the following statements is correct?
a. The total income in the economy that remains after paying for consumption and government purchases is called private saving. b. The sum of private saving and national saving is called public saving. c. For a closed economy, the sum of private saving and public saving must equal investment. d. For a closed economy, the sum of consumption, national saving, and taxes must equal GDP.