Answer:
Gross National Product (GNP)
Explanation:
According to Investopedia, "the Gross National Product is the value of a nation's finished domestic goods and services during a specific time period".
*Note that the GNP should NOT be confused with the GDP (Gross Domestic Product). The GDP only accounts for the value of goods and services produced within a nation's borders, while the GNP also adds the value of services produced by that country's employees and companies in other nations.
The answer to the blank space is a contrast effect. A contrast effect is defined as a psychological bias where individuals are prone to evaluating that a stimulus is more positive because a similar stimulus was previously perceived as negative.
This is what is going on with Tom; despite having been presented information by Sam regarding how low taxes in general creates higher tax revenue, Tom still believes that taxing the rich would generate greater tax revenue to reduce the effect of recession.
Answer:
If effective, such a price floor would be <u>above</u> the market price and would lead to a <u>excess supply</u>.
Explanation:
A price floor can be described as a price control in which the minimum price to be charged for goods and services is imposed by a government or a group.
For a price floor to be effective and binding, it has to be set above the market or equilibrium price. This is because a price floor will neither be effective nor nonbinding when it set below the equilibrium price.
Any price above the equilibrium or market price creates or leads to excess supply. Excess supply is a situation whereby quantiy of commodity supplied is more than the quantity demanded of the commodity.
Based on the above explanation, if effective, such a price floor would be <u>above</u> the market price and would lead to a <u>excess supply</u>.
Answer:
C. projected increasing health care costs for the aging population.
Explanation:
If the debt to GDP ration increases, it means that the country will owe more money compared to capacity of creating wealth. A common problem for several developed countries is that the proportion or retired people has increased compared to the total active labor force. This means that the number of people working or searching of jobs relative to the number of retired people has decreased. Even though retired people tend to have more accumulated wealth, their living expenses are also much higher. What makes this situation a problem is that retired people only have passive income, they do not have earned income. And generally speaking, passive income grows at a much lower rate that earned income.
This is why many developed countries started to implement immigration policies focusing on highly trained and educated applicants that can replace their native workforce.
Answer: pegged exchange rate
Explanation:
A pegged exchange rate also referred to as the fixed exchange rate, sometimes is an exchange rate regime type whereby the value of a currency is fixed by the monetary authority of a particular country against the value of the currency of another country.
This is the type of exchange rate used by the Chinese government in the question above.
