National income:
a. is a measure of the income earned by owners of resources used in making final goods and services.
b. is a measure of the income received by persons after taxes
c. equals aggregate income minus the statistical discrepancy.
d. equals GDP minus depreciation.
a
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If external costs are included and added to a firm's private costs, then
A) the demand curve will shift to the right. B) the demand curve will shift to the left. C) the supply curve will shift to the right. D) the supply curve will shift to the left.
Which is not an essential characteristic of a perfectly competitive market?
A. Goods are standardized. B. Buyers have perfect information. C. Goods from one seller cannot be distinguished from another's. D. Firms have limited market power.
The value of a network
A) is related to how many are in the network. B) is not related to how many are in the network. C) is related to its impact on diminishing marginal returns. D) none of these choices.
Market forces encourage discrimination in the case of
a. statistical discrimination only b. employee and customer prejudice only c. employer prejudice only d. statistical discrimination and employee or customer prejudice e. employer prejudice and statistical discrimination