Gross output exceeds gross domestic product by
A. transfer payments between the governments and households.
B. sales in underground or illegal markets.
C. the total value of all used goods.
D. the total value of business spending on intermediate inputs.
Answer: D
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In the early antebellum period, New England women's wages were about 1/3 of men's wages. By 1860, New England women's wages were
a. about ¼ of men's wages. b. about ½ of men's wages. c. more than men's wages. d. about equal to men's wages.
An example of a tax specifically designed to reduce consumption of a good is a tax on:
A. chocolate. B. cigarettes. C. coffee. D. automobiles.
From 2007 to 2008, the Federal Reserve System reduced interest rates, the price that borrowers pay. As a result, economists expected that the supply of money would
a. increase. b. decrease. c. not change. d. Uncertain-economic theory has no answer to this question.
Which of the following predictions is consistent with public choice theory?
A) Voters will sometimes cast votes based on whether they like a candidate's personality, not on hard facts. B) Many voters will be uninformed on political and government issues. C) Much legislation will be special interest legislation. D) b and c E) a, b, and c