Author: Anonymous

Ceteris paribus…

Which of the following is notan example of land as a factor of production?

Table 5.3 National Income Accounts (dollar figures are in billions) Expenditures for consumer goods and services $8,200 Exports $1,700 Government purchases of goods and services $2,500 Social Security taxes $1,900 Net investment $1,400 Indirect business taxes $1,400 Imports $1,900 Gross investment $1,800 Corporate income taxes $600 Personal income taxes $1,500 Corporate retained earnings $130 Net foreign factor income $100 Government transfer payments to households $1600 Net interest payments to households $500 On the basis of Table 5.3, the value of the income aggregate that is defined as “the total market value of all final goods and services produced in a given time period” (also known as the GDP) is

Inflation ________________ the purchasing power of money.

People benefit by participating in the market because

When jobs are outsourced,

Inflation ________________ the purchasing power of money.

People benefit by participating in the market because

Nominal GDP is not used to determine recessions because inflation can disguise the occurrence of recessions.

Suppose I told you, “The quantity demanded of chocolate goes up when the price of chocolate goes down.” Which of the following is an assumption I am making?