multiple choice 20. Minimum-wage laws matter most 18! labor force, such as teena
ID: 1103991 • Letter: M
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multiple choice
20. Minimum-wage laws matter most 18! labor force, such as teenagers II. MULTIPLE CHOICES 2 34 5 67 8 9 No. Answer No, Answer 10 11 12 1314 15 1. A tax on an imported good is called a a. quota. b. tariff. c. supply tax. d. trade tax. 2. Darin grows and sells marijuana to Jennifer. Thomas is an organic farmer who sells broccoli to Jennifer. Marijuana is an illega! good and broccoli is a lega! good. Assume that if Jennifer marries either, they give her what they use to sell her. Which of the following statements is consistent with the way GDP is computed? a. GDP will fall if Jennifer marries either Darin or Thomas. b. GDP will fall if Jennifer marries Darin but not if she marries Thomas. c. GDP will fall if Jennifer marries Thomas but not if she marries Darin. d. GDP remains the same whether Jennifer marries Darin or Thomas. 3. In the economy of Ukzten in 2015, exports were $200, GDP was $2000, government purchases were S300, imports were $130, and investment was $400. consumption in 2015? a. $970 b. $1230 c. $1370 d. $1630 What was Ukzten'sExplanation / Answer
(1) (b)
Tariff is an import tax imposed on the imported goods.
(2) (c)
Currently, GDP includes the value of broccoli Thomas sells, but not the value of Marijuana which is an illegal good. If Jennifer marries Thomas, he will stop selling the broccoli, which will decrease the value of GDP. If she marries Darin, there will be no effect on GDP because value of the good sold by Darin before marriage was anyway excluded from GDP.
(3) (b)
GDP = Consumption + Investment + Government purchase + Export - Imports, therefore
Consumption ($) = GDP - Investment - Government purchases - Exports + Imports
= 2000 - 400 - 300 - 200 + 130
= 1230
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