Suppose a carpenter builds a bookcase for an attorney in exchange for legal services. This transaction is
a. a means of tax avoidance
b. likely to be taxed
c. not part of the economy's total production
d. a means of tax evasion
e. likely to result in double taxation
D
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Assume that an individual has to decide between a two-day vacation and a three-day vacation to the same place. If he uses optimization in differences, he will:
A) only think about the net benefits of the extra day. B) compare the total net benefits of both alternatives. C) choose the three-day vacation only if the costs incurred on the third day exceed the benefits he receives. D) spend more time to come to a decision than if he would have used optimization in levels.
A factor that helps to determine the demand for the dollar in the foreign exchange market is
A) the expected future exchange rate. B) the expected future interest rate. C) the amount of U.S. imports. D) the supply of U.S. dollars.