A fair distribution of income for the U.S. economy is
a. not an economic issue
b. defined by the Department of Agriculture
c. a positive economic question
d. a normative economic question
e. a state and local issue but not a national one
D
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MNCs can often decrease their tax liability through
(a) use of more capital-intensive techniques. (b) use of transfer pricing. (c) use of more foreign input sources. (d) bargaining with the host country. (e) none of the above.
A bank creates money
A) never since it only lends out money it owns. B) when it makes loans. C) when it prints bank notes. D) when it pays out reserves.
If the absolute price elasticity of demand for good Y is 0.5, when there is a 20 percent increase in price, we can conclude that quantity demanded
A) has fallen by 100 percent. B) has fallen by 1 percent. C) has fallen by 10 percent. D) has fallen by 4 percent.
Which of the following is the primary source of cross-country differences in the real earnings of workers?
a. differences in natural resource endowments b. differences in output per worker c. differences in the average number of hours worked d. differences in the share of workers that are members of a labor union e. access to modern technology