One reason the supply of carpenters is greater than the supply of physicians is because:
a. physicians do not belong to a union.
b. carpenters demand less income.
c. carpenters belong to unions.
d. none of the above.
d
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Consider the following data for a closed economy:
Y = $12 trillion C = $8 trillion I= $2 trillion G = $2 trillion TR = $2 trillion T = $3 trillion
Which of the following is true of the disposable income of the households?
a. An increase in the average price level lowers the disposable income of the households. b. Disposable income refers to the purchasing power of nominal income. c. An increase in direct taxes will lower the disposable income of the households. d. A decrease in government transfers will increase the disposable income of the households. e. Disposable income refers to the net private transfers of the household sector.
If the price of pizzas has risen from $4 to $5 at the same time that the price of an hour of aerobics class has risen from $20 to $30, then
a. pizzas have become relatively more expensive. b. aerobics classes have become relatively more expensive. c. the relative prices of pizzas and aerobics classes have remained constant. d. workers' real income must have decreased.
An effective minimum wage creates a surplus of labor and increases the level of unemployment.
Answer the following statement true (T) or false (F)