Income in kind is defined as
A) income received in the form of a paycheck.
B) payment for services in the form of cash.
C) tips.
D) income received in the form of goods and services.
D
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The lack of a long-run tradeoff between the unemployment rate and the inflation rate means the long-run Phillips curve is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping. E) U-shaped, with higher inflation initially decreasing unemployment and then increasing it back to the natural unemployment rate.
If the economy is characterized by increasing returns to scale, then a
A) doubling of inputs will lead to a more than two-fold increase in output. B) doubling of inputs will lead to a constant output. C) doubling of inputs will lead to a two-fold increase in output. D) doubling of inputs will lead to a less than two-fold increase in output.
If consumers have limited information about price and search costs exist, then
A) the result must be that all firms will charge the same price. B) the monopoly price must result. C) the full-information, competitive price is not an equilibrium. D) the difference in prices between firms will be greater than the search cost.
The fewer alternative uses a resource has,
a. the greater the proportion of its earnings that is economic rent b. the smaller the proportion of its earnings that is economic rent c. the more elastic its supply d. the more elastic its demand e. the less elastic its supply