An example of a final good in national income accounts would be a new:
A. microcomputer purchased by an executive for business use.
B. automobile purchased by a travel agency.
C. microcomputer purchased by an executive for personal use.
D. tractor purchased by a construction company.
Answer: C
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The citizens of a country often refuse to pay voluntarily for defense spending because ________
A) national defense is a common pool resource B) nobody can be excluded from being defended by the state C) all citizens do not derive equal satisfaction from national defense D) national defense is rival in consumption
How is the personal distribution of income in India changing?
What will be an ideal response?
Because of the positive externality of vaccinations, economic efficiency would be improved
A) if fewer people were vaccinated. B) if more people were vaccinated. C) only if all people were vaccinated. D) only if no people were vaccinated.
Discounting is the process whereby
A) present values are adjusted to their future value, using the interest rate. B) future values are converted to their value today, using the interest rate. C) product prices are reduced (discounted) to increase sales and profits today. D) future values are adjusted for inflation.