When measuring GDP by the income approach, wage income includes
i. health-care insurance paid for by the firm for its employees.
ii. Social Security contributions made by the firm.
iii. wages paid during a worker's vacation time.
A) i only
B) ii only
C) ii and iii only
D) i, ii and iii
E) i and ii only
D
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Economic theory provides insights into the range of possibilities for cost relationships. Studies such as those by Blinder et al. provide insights into where, within that range, many firms operate
Thus, there is no real conflict between theory and reality, as some people might try to claim. Indicate whether the statement is true or false
Intermediate goods and services are:
A. used only as inputs to produce something else and are not counted as separate items in GDP. B. goods that consumers buy in parts-like a new tire for their car-and are included as separate items in GDP. C. used only as inputs to produce something else and are counted as separate itemsin GDP. D. goods that consumers buy in parts-like a new tire for their car-and are not included as separate items in GDP.
Clint puts $200 into an account when the interest rate is 8 percent. Later he checks his balance and finds that he has a balance of about $272.10 . How many years did Clint wait to check his balance?
a. 3 years b. 3.5 years c. 4 years d. 4.5 years
Which of the following is NOT an obstacle to increased international economic integration?
A) Monopoly powers given to domestic companies of individual nations B) High tariff rates imposed by industrialized nations C) Health and safety standard requirements D) Labor and environmental standard requirements