Tag: Economics – Others

A letter of credit is a contract between:
Group of answer choices
the buyer’s bank and the seller’s bank.
the seller and the buyer’s bank.
the buyers and their own bank.
the sellers and their own bank.

A decrease in supply, with no change in demand, will lead to quantity and in equilibrium price
decrease; a decrease
decrease; an increase
increase; an increase
increase; none of the above is correct answer

Appropriating the budget and impeaching the executive are examples of
duties of the Senate.
duties of the House.
judicial checks on the executive.
congressional checks on the executive.

According to the text, income in the U.S. isdistributed less equally today than in the 1940s.taxed more heavily for lower incomes.distributed fairly equally.taxed more heavily for middle incomes.
isdistributed less equally today than in the 1940s.
taxed more heavily for lower incomes.
distributed fairly equally.
taxed more heavily for middle incomes.

Child labor is primarily a result of:trade restrictions such as tariffs and quotas.increased demand for foreign goods.poverty in the child’s circumstances.absence of schools in developing nations.

Assume that the following are the only data needed to calculate gross domestic product. Calculate GDP and its components as well as total income. Use your best judgment with the information given.

By the year 2017, health care spending on Medicare, Medicaid, and other U.S. government programs as a percentage of GDP had reached a level of2.2 percent.7 percent.17.5 percent.21.5 percent.
2.2 percent.
7 percent.
17.5 percent.
21.5 percent.

Question 28 (2 points) Points, in other words, combinations of two goods (or two types of goods) that appear ON the production possibilities curve are:
a unattainable.
b optimal.
c efficient.
d fair.

In order to avoid double counting, statisticians just count what?
Question 36
Answer
a. final inventories
b. durable goods and nondurable goods
c. final goods and services
d. intermediate goods and services

The dernand curve perceived by a perfectly competitive firma) shows that such a firm is a price-makerb) shows economies of scale over a larger ange of outputc) is horizontald) ail of the above