Compared to perfect competition, a monopoly will produce ________ output, and charge a ________ price
A) more; higher
B) more; lower
C) less; higher
D) less; lower
Answer: C
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The system that measures the economy's overall performance is formally known as:
a) National income accounting b) Business cycle measurement c) GDP assessment d) Final output and income statistics
Distinguish between the money and non-money costs parents face when raising a child. Money costs might include ______, whereas non-money costs might include ______.
a. center-based child care fees; hiring a babysitter at home b. redecorating the child’s room; making mortgage payments c. playing yard games with the child; buying sports equipment d. tuition for music lessons; volunteering in the child’s classroom
Which of the following measures productivity?
A. GDP per worker. B. Percentage increase in GDP. C. GDP per capita. D. The ratio of current GDP to GDP in the base period.
Since 1900, the relative share of "wages & salaries, plus proprietors' income" in the total income earned by Americans in a typical year has been about:
A. 20 percent B. 50 percent C. 80 percent D. 95 percent