You have data for compensation of employees, proprietors' income, rental income, and net interest. Can you compute national income?
A) Yes, all of the components of national income are given.
B) No, since data on indirect business taxes are missing.
C) No, since data on corporate profits is missing.
D) No, since data on the capital consumption allowance is missing.
E) No, since net interest has not been adjusted for profits.
C
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The above figure shows the market for biologists. The government decides to set a minimum wage for biologists of $18 per hour. After this minimum wage is in effect, unemployment equals ________ workers
A) 100 B) 300 C) 400 D) 500 E) 200
Which of the following is TRUE according to the case study on U.S. / China trade presented in the chapter?
A) China has relative abundance in capital. B) China has relative abundance in skilled labor. C) The United States has relative scarcity in unskilled labor. D) The United States has relative scarcity in capital.
Net capital outflow measures how many capital goods are:
A. exported from a country. B. exported minus how many are imported to a country. C. imported from a country. D. imported to a country minus exported from a country.
In comparison to perfect competition, monopolistic competition is characterized by
a. efficient scale. b. pricing at marginal cost. c. excess capacity. d. All of the above are correct.