Income received by the factors of production is called
A. personal income.
B. disposable personal income.
C. gross domestic income.
D. national income.
Answer: D
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Refer to Figure 2-9. What is the opportunity cost of producing 1 snow cone in Iceland?
A) 2/3 of a popsicle B) 3/4 of a popsicle C) 1 1/2 popsicles D) 180 popsicles
In the classical model with an open economy, an increase in the trade deficit as a result of a tax cut, causes a decline in the interest rate, attracting more loanable funds from abroad
a. True b. False
Which of the following identifies a major force that can intensify an international financial crisis?
A. Dispute settlement procedures at the International Monetary Fund B. Global contagion C. Current account convertibility D. A persistent negative output gap
Since rent control outlaws transactions that would make both the consumer and supplier better off, then rent control:
A. causes excess demand and increases total surplus. B. causes inefficiency. C. decreases total surplus. D. Both causes inefficiency and decreases total surplus are correct.