Recall the Application about intellectual property in GDP accounts to answer the following question(s).According to the Application, prior to 2013, which of the following was counted as intermediate inputs in our GDP accounts?
A. research and development
B. software development
C. new artistic work
D. All of these are correct.
Answer: D
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Refer to Table 25-1. Suppose a transaction changes a bank's balance sheet as indicated in the T-account, and the required reserve ratio is 10 percent. As a result of the transaction, the bank has excess reserves of
A) $0. B) $400. C) $3,600. D) $4,000. Table 25-2 Assets Liabilities Reserves +$8,000 Deposits + $8,000
Labor productivity measures:
a. how many hours a person works. b. the amount of output all workers produce. c. the amount of output each worker produces given a set of inputs. d. how much money a worker earns.
Two families who live in Plains, GA have identical incomes. The Smiths deduct $5,000 from their taxable income for mortgage interest paid during the year. The Jones family lives in an apartment and is not eligible for a mortgage-interest deduction. This situation exemplifies
a. an application of the benefits principle of taxation. b. a violation of horizontal equity. c. a violation of vertical equity. d. an application of egalitarian tax rules.
Usually when a monopoly that isn't a natural monopoly is broken up, the losses to the producer outweigh the gains to consumers.
a. true b. false