The Haig-Simons definition of income includes
A. employer pension contributions and insurance purchases.
B. transfer payments.
C. income in-kind.
D. all of these answer options are correct.
D. all of these answer options are correct.
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A shift in the long-run aggregate supply curve will change:
A. neither output nor the price level. B. both output and the price level. C. the price level but not output. D. output but not the price level.
Consider the parallel demand curves in the following graph to answer the question.
Which curve is relatively more elastic at P1?
A. AA B. BB C. It cannot be determined. D. Both have the same slope; therefore both have the same elasticity.
If the measured unemployment rate is 6% and the natural unemployment rate is 4%, then
A. cyclical unemployment is 2%. B. frictional unemployment is -2%. C. structural unemployment is 10%. D. frictional unemployment is 2%.
Many economists suggest that absent legal mechanisms of discrimination, the wage paid to whites and blacks will converge because
A. employers will feel guilty about hiring only whites. B. if employers can hire whites and blacks at the same wage, they will hire equal numbers. C. employers will feel guilty about paying whites more when other firms pay equally. D. it will be in the interest of profit-minded employers to hire blacks, thus bidding up their wages.