What is the objective of environmental accounting? Are a country's national accounts likely to show more or less income than with traditional GDP?
What will be an ideal response?
State the objectives in terms of adjusting national income to account for the depletion of environmental assets and production of "bads" as well as goods. GDP overstates the true national income in these terms.
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If a household has a single woman and three kids, has a standard deduction of $6,300, has itemized deductions of $5,650, and personal exemptions of $12,000 (3*$4,000), then the first ________ of income is federal income tax free.
A. $28,950 B. $17,650 C. $11,950 D. $18,300
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
If a perfectly competitive firm raises its price,
a. the quantity demanded of its good falls because the firm faces a downward- sloping demand curve b. the quantity demanded of its good falls to zero c. new firms will enter, attracted by the higher price d. it loses some of its market share e. other firms in the industry must follow the leader
If the price of X and Y are $2 and $4 per unit, respectively, to maximize total utility this consumer should buy:
A) 1 units of X and 1 units of Y. B) 2 units of X and 2 units of Y. C) 1 units of X and 2 units of Y. D) 5 units of X and no units of Y.