GDP adds together many different kinds of products into a single measure of the value of economic activity by using market prices
a. True
b. False
Indicate whether the statement is true or false
True
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If the market were perfectly competitive instead of dominated by a monopsonist, what would the equilibrium wage and level of employment be?
a. W1 and E1 b. W2 and E0 c. W0 and E0 d. W0 and E1 e. W0 and E2
If the cost of transportation increases by 20 percent, then, other things the same, the CPI is likely to increase by about
a. 0.3 percent. b. 1.6 percent. c. 3.2 percent. d. 10 percent.
The income that people earn in resource or factor markets is called:
A. national income. B. personal income. C. disposable personal income. D. transfer payments.
The demand for labor curve is identical to the:
A. marginal revenue curve. B. marginal resource curve. C. total revenue curve. D. marginal revenue product curve.