Suppose a country has a velocity of money equal to 12 and a nominal GDP of $30 billion. This means that each dollar in this economy is supporting approximately:
A. $10 in total income.
B. $30 in total income.
C. $12 in total income.
D. $1.5 in total income.
Answer: C
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Antitrust laws
a. prevent firms from maximizing profits. b. allow the government to prevent mergers, even ones that would benefit consumers. c. require the government to measure both the benefits and costs of a potential merger. d. All of the above are correct.
The income that people earn in resource or factor markets is called:
A. national income. B. personal income. C. disposable personal income. D. transfer payments.
As a business type, corporations ________ in the United States
A) earn the majority of revenues B) are the most common C) are the least common D) are subject to the fewest taxes
You have observed a consumer who purchases only goods 
and 
and have concluded that the consumer's tastes are quasilinear in 
. Whether
the consumer purchases more or less of 
when the price of 
falls then depends on the size of the substitution effect.
Answer the following statement true (T) or false (F)