Assets minus liabilities equal:
A. current income minus spending on current needs.
B. wealth.
C. saving.
D. investment.
Answer: B
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Which of the following is not an example of rent-seeking behavior?
A) competition for subsidies B) competition for the exclusive right to import a product C) lobbying the government to impose tariffs on certain imported products D) engaging in aggressive advertising that slams a competitor's product
In the cost-push model of inflation, increases in nominal-wage rates that exceed increases in the productivity of labor:
A. Increase aggregate supply and the price level in the economy B. Increase aggregate supply and decrease the price level in the economy C. Decrease aggregate supply and the price level in the economy D. Decrease aggregate supply and increase the price level in the economy