The decrease in the incentive to work created by welfare payments programs
A) only affects low income taxpayers.
B) only affects taxpayers but not welfare recipients.
C) only affects high income executives.
D) affects both taxpayers and welfare recipients.
D
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When gross domestic product (GDP) is adjusted by adding any income earned abroad by U.S. firms or residents which is sent back to the United States and by subtracting any income earned in the United States by non-U.S
corporations or foreign nationals which is sent back to their home countries, it is called A) depreciation. B) international GDP. C) subsidized income. D) gross national product (GNP).
In the model of perfect competition,
A) all firms earn zero economic profit in the long run. B) all firms use the lowest-cost technologies. C) all firms take the prevailing market price as given. D) all participants fully exhaust any potential gains from trade. E) all of the above occur.