Wealth refers to the
a. income earned by an individual
b. value of all assets accumulated by an individual
c. total of all income earned by an individual over an entire lifetime
d. value of all physical assets minus financial assets an individual holds
e. total of all money wealth held by an individual
B
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How did production improvements like an assembly line help the production of Model T cars?
A. decreased the supply of Model T cars B. decreased the demand for Model T cars C. increased the demand for Model T cars D. increased the supply of Model T cars
Use the following table with data for a private open economy (no government) to answer the next question.All figures are in billions of dollars. Real GDPC + INet Exports$400$420$20450460205005002055054020600580206506202070066020If the investment in this economy is independent of income GDP, then a $10 increase in its net exports would increase its equilibrium real GDP by
A. $25. B. $200. C. $100. D. $50.
If Congress wanted to counteract the effects of a recession it could
A) increase government purchases. B) increase tax rates. C) increase taxes by a fixed amount. D) decrease defense spending.
Which of the following statements is TRUE?
A) Government spending as a percent of total national income has continuously decreased since the 1950s. B) Transfer payments are money payments made by the government for which no goods or services are currently received. C) Education is the largest category of federal government expenditures. D) Transfers in kind include Welfare, Social Security, and unemployment insurance benefits.