Using the expenditure approach, total spending by households for durable goods, nondurable goods, and services is a category called:
a. gross private domestic investment.
b. capital consumption allowance.
c. personal consumption expenditures.
d. household investment.
c
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A tax where wealthy people pay a larger percentage of their income than poor people is known as a(n):
a. excise tax. b. flat tax. c. proportional tax. d. progressive tax. e. regressive tax.
A currency union would be beneficial to nations with symmetrical demand shocks so that a coordinated monetary policy is possible. Comparing the Eurozone with the United States, the finding is:
A) the Eurozone nations and the U.S. states are markedly different in the correlation between growth rates of GDP. B) the Eurozone nations and the U.S. states are quite similar in terms of correlation between growth rates of GDP. C) the Eurozone nations have higher growth rates of GDP in their member states, whereas the United States exhibits lower growth rates. D) the Eurozone is much more diverse in terms of its growth in GDP.
Exhibit 6-3 Marginal utility data for goods X and Y Units of good X Marginal utility ofgood X Units of good Y Marginal utility ofgood Y 1 20 1 14 2 16 2 12 3 12 3 10 4 8 4 8 5 4 5 6 As shown in Exhibit 6-3, assume that the price of good X is $1 per unit and the price of good Y is $2 per unit and your budget is $13. If you consume 4 units of good X and 2 units of good Y and maximize utility, you should consume:
A. neither X nor Y. B. more of X and less of Y. C. more of Y. D. more of both X and Y.
The long-run ATC curve is simply a composite of the best short-run ATC possibilities.
Answer the following statement true (T) or false (F)