Approximately what percentage of U.S. national income is paid to workers rather than to owners of capital and land?
a. 65 percent
b. 25 percent
c. 45 percent
d. 85 percent
Ans: a. 65 percent
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The ultimate or absolute measure of value in the opportunity cost perspective
A) does not exist. B) is the labor embodied in goods. C) is the money price of the goods. D) is the nonrenewable resources consumed in producing the goods.
To derive the external balance relationship under high capital mobility and floating exchange rates, an increase in government spending must be followed by
A) an increase in money stock to restore the balance of payments equilibrium. B) a decrease in money stock to restore the balance of payments equilibrium. C) a depreciation of the currency to restore the balance of payment equilibrium. D) a decrease in investment spending to restore the balance of payments equilibrium.
International capital flows in an open economy have the effect of
a. increasing the power of fiscal policy. b. reducing the power of fiscal policy. c. reducing the power of fiscal policy in an expansion, and increasing it in a contraction. d. increasing the power of fiscal policy in an expansion, and reducing it in a contraction.
Figure 3-17
Refer to . Area C represents
a.
the decrease in consumer surplus that results from a downward-sloping demand curve.
b.
consumer surplus to new consumers who enter the market when the price falls from P2 to P1.
c.
the increase in producer surplus when quantity sold increases from Q2 to Q1.
d.
the decrease in consumer surplus to each consumer in the market when the price increases from P1 to P2.
v