GDP = 1079 Minus 25 = 1054 NDP = 1054 Minus 40 Plus 5 = 1019 NI = 1019 Minus 245 (taxes on production and imports) Minus 240 (ss contributions) Minus 65 (corporate income taxes) Minus 60 (undistributed corporate profits) = (610) 1019 610 = 409 Plus 247 PI
Refer to the above table. An increase in price from $20 per unit to $25 per unit shows which of the following? A) A shift in the demand schedule from 1,600 units per year to 1,400 units per year B) A shift in the supply schedule from 1,200 units per ye
Refer to the above table. In relation to column (3), a change from column (5) to column (4) would indicate a(n): A) increase in demand. B) decrease in demand. C) increase in supply.
D) decrease in supply.
2. (Consider This) Ticket scalping refers to: A
1. As of 1998, living standards in the United States were nearly _ times higher than those in Africa. A) 3 B) 8 C) 14
2. From 1960 to 2004:
A) Follower countries such as Ireland, Singapore, and Hong Kong caught up to and surpassed leader countries s
1. Refer to the above data. GDP is: A. $390.
C. $422. D. $492. GDP = (C) Personal Consumption Expenditures + (Ig) Gross Private Domestic Investment + (G) Government Purchases + (Xn) Net Exports. C, Ig, and G are all given in the data. Xn is US ex
1. Kara was out jogging and despite being tired, decided to run one more mile. Based on her actions, economists would conclude that Kara: A. must be an avid runner. B. decided that the marginal benefit of running one more mile would outweigh the cost of t
1. Answer the next question(s) on the basis of the following information: An economy is employing 2 units of capital, 5 units of raw materials, and 8 units of labor to produce its total output of 640 units. Each unit of capital costs $10, each unit of raw
1. (Advanced analysis) Answer the next question(s) on the basis of the following data:
Which of the following equations represents the saving schedule implicit in the above data? A) S = C Yd B) S = 40 + .4Yd C) S = 40 + .6Yd
D) S = 40 + .4Yd
2 are wrong 1. If Sara Thomas' disposable income increases from $4,000 to $4,500 and her level of saving increases from $200 to $325, it may be concluded that her marginal propensity to: A) Consume is .80
B) Consume is .75
C) Consume is .60 D) Save is .30
1. Suppose there are 5 million unemployed workers seeking jobs. After a period of time, 1 million of them become discouraged over their job prospects and cease to look for work. As a result of this, the official unemployment rate would:
1. If the annual inflation rate is 5 percent a year, about how many years will it take for the price level to double? A) 10 years B) 12 years
C) 14 years
D) 16 years 2. If the Consumer Price Index was 166.6 in one year and 172.2 in the next year, then the
1. Answer the next question(s) on the basis of the following national income data. All figures are in billions of dollars.
Refer to the above data. Personal consumption expenditures:
A) cannot be calculated.
B) are $231. C) are $225. D) are $205.
2. GDP e
1. Offshoring often results from: A) diminished human capital of American workers. B) overly restrictive trade policies. C) a change in comparative advantage. D) a desire to help out workers in low income economies.
Answer the next question(s) on the basi
Refer to the above data. The terms of trade will be: A) Greater than 4 units of food for 1 unit of clothing B) Between 4 and 5 units of food for 1 unit of clothing C) Between 2 and 3 units of food for 1 unit of clothing D) Less than 2 units of food for 1
1. Macroeconomic stability is said to exist in an economy whenever: A) there is no inflation. B) total spending exceeds production capacity.
C) output matches production capacity, labor is fully employed, and inflation is low and stable.
D) the rates of o