When measuring GDP by the income approach, wage income includes i. health-care insurance paid for by the firm for its employees. ii. Social Security contributions made by the firm. iii. wages paid during a worker's vacation time
A) i, ii and iii
B) i and ii only
C) i only
D) ii only
E) ii and iii only
A
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Why has the IMF come in for widespread criticism for its handling of the Asian financial crisis?
A) It refused to make loans to any of the countries whose currencies were under speculative attack. B) Its policies did not sufficiently punish speculators with losses, giving rise to moral hazard. C) Its policies led to unsustainably low interest rates in a number of Asian countries. D) Its policies failed to lead to sufficient hardship for citizens in a number of Asian countries, giving rise to moral hazard.
U.S. imports are
a. not added to U.S. GDP because they are produced abroad b. added to U.S. GDP because they are consumed domestically c. added to U.S. GDP because they represent an increase in inventories d. added to U.S. GDP as government purchases because the government decides what goods may be imported e. not added to U.S. GDP because they are intermediate goods
The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Point Y is ________, and point V is ________.
A. inefficient; efficient B. efficient; efficient C. inefficient; inefficient D. efficient; inefficient
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Along budget constraint AC, the opportunity cost of one beer is
A. 1/4 of a gardenburger. B. 1 gardenburger. C. 2 gardenburgers. D. changing as Mr. Lingle moves down his budget constraint.