Total output includes all of the following except:
A. Household consumption.
B. Business investment.
C. Imports.
D. Government services.
Ans: C. Imports.
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Explain the general theory of the classical models comparing to Keynes theories
What would be an ideal response?
U.S. households use about 75 gallons of water per capita per day on the average because
A) the price they must pay for water is low. B) there is so much fresh water in the U.S. C) they use water in irrational ways. D) water is a basic necessity of life. E) water is a basic right.
All of the following contributed to the downfall of the Soviet Union in 1991 except
A) lack of high-quality goods and services. B) public dissatisfaction with low living standards and political repression. C) an inability to produce low-cost consumer goods that households wanted. D) lack of a strong dictator who could coordinate economic activities.
Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100,000 fee. Your business is broke, and you never wanted the consultants to work for you -- only your partner did. For how much of this debt are you legally liable?
a. none of it b. all of the $100,000 c. the proportion reflected by the proportion of the business owned d. only an amount equal to the assets of the business e. $50,000