The income that households have left after paying their taxes and paying for their consumption is known as _____
Fill in the blank(s) with correct word
private saving
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The working-age population can be divided into two groups
A) people in the labor force and people looking for work. B) people in the labor force and people with a job. C) people looking for work and those in the armed forces. D) people in the labor force and people who are not in the labor force.
The equilibrium wage rate in an industry is found by
A) the intersection of the market demand curve for labor and the marginal revenue product curve of labor. B) the intersection of the firm's demand curve for labor and the firm's supply curve of labor. C) the intersection of the market demand curve for labor and the market supply curve of labor. D) negotiations between the union leadership and the managers of the firms.
When Lionel, an orange grower, hires Terry, Terry's marginal physical product per hour is 9 bushels of oranges. The price is $5 per bushel and the hourly wage rate is $55 . We know then that
a. orange growing is a profitable business b. Terry creates a division of labor that adds not only output but profit for Lionel c. the labor market is not competitive because price and the wage rate are not the same d. Lionel should not have hired Terry e. Terry's marginal revenue product is greater than the wage rate
The federal government, in order to fund expanded health care, imposes a lump-sum tax on all business property. Profit-maximizing firms that stay in business will respond by
a. raising prices to pay the tax. b. cutting output to reduce costs. c. lowering prices to stimulate demand. d. doing nothing.