The five categories of income used in the income approach to the measurement of GDP are
A) consumption, saving, rental income, corporate profits, and investment.
B) employee compensation, net interest, rental income, corporate profits, and proprietor's income.
C) employee compensation, consumption, rental income, corporate profits, and proprietor's income.
D) employee compensation, saving, rental income, corporate profits, and investment.
B
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Total income is always equal to ________ expenditures; but only in equilibrium is it equal to ________ expenditures, producing in equilibrium ________ on income to change
A) actual, planned, pressure B) actual, planned, no pressure C) planned, actual, pressure D) planned, actual, no pressure
If an unemployed person quits looking for work, then, eventually the unemployment rate
a. decreases, and the labor-force participation rate is unaffected. b. and the labor-force participation rate both decrease. c. is unaffected, and the labor-force participation rate decreases. d. and the labor-force participation rate are both unaffected.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
Changing short-term interest rates have a(n):
A. strong and immediate impact on household purchase decisions. B. no impact on household purchasing decisions. C. none of the answers provided is correct. D. somewhat modest impact on household purchasing decisions.