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
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.
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