Disposable income represents ________
A) the income received by firms, e.g. corporations
B) an increase in GDP
C) a decrease in GDP
D) the after-tax income received by the household
D
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Writing total output as Q, change in output as ?Q, total labor employment as L, and change in labor employment as ?L, the marginal product of labor can be written algebraically as
A) ?Q ? L. B) Q / L. C) ?L / ?Q. D) ?Q / ?L.
A family on a trip budgets $800 for sit-down restaurant meals and fast food. If the price of a fast food meal for the family is $20, how many such meals can the family buy if they do not eat at restaurants?
a. 8 b. 15 c. 20 d. 40 e. 160
Human capital is
a. a stock of equipment and structures. b. the result of investments workers make in themselves such as on-the-job training. c. a difference in wages that arises to offset the nonmonetary characteristics of different jobs. d. inversely related to the supply of workers.
___________ is the study of the determination of an equilibrium price and quantity in a given product or input market that is self-constrained and independent of other markets
Fill in the blank(s) with the appropriate word(s).