All of the following are incomes earned in the factor market EXCEPT
A) wages. B) prices of goods and services.
C) rents. D) profits.
B
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
The above figure shows the market for anti-freeze. The government imposes the sales tax shown in the figure on sellers. What is the deadweight loss from this tax?
A) $1,500 B) $3,000 C) $4,500 D) $6,000
Hector puts $150 into an account when the interest rate is 4 percent. Later he checks his balance and finds he has about $168.73 . How long did Hector wait to check his balance?
a. 3 years b. 3.5 years c. 4 years d. 4.5 years
QN=65 (17767) Suppose there are only two firms in an economy: Cowhide, Inc. produces leather and sells it to Couches, Inc., which produces and sells leather furniture. With each $1,000 of leather that it buys from Cowhide, Inc., Couches, Inc. produces a couch and sells it for $3,000. Neither firm had any inventory at the beginning of 2009. During that year, Cowhide produced enough leather for 20 couches. Couches, Inc. bought 80% of that leather for $16,000 and promised to buy the remaining 20% for $4,000 in 2010. What was the economy's GDP for the 2009?
a. $48,000 b. $52,000 c. $64,000 d. $68,000