The U.S. Census Bureau considers in-kind transfers (such as employer provided benefits) when measuring income
a. True
b. False
A
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If the cost per unit of output for a particular product is $10 and the product sells for $20, what is the percentage markup over cost per unit?
a. 200 percent b. 10 percent c. 100 percent d. 20 percent e. 50 percent
Which of the following is not held constant when looking at an individual's demand curve?
a. income b. price c. preferences d. the availability of alternative goods
Bill attends a local basketball game. The teams are very unbalanced, the play is bad, and the score quickly reaches 36-2. At halftime, Bill realizes he's having no fun, leaves the game, and goes home. Bill's behavior is NOT determined by
A. sunk costs. B. utility maximization. C. economic logic. D. None of these is true.
Suppose a hurricane causes a great deal of destruction in Florida. After the hurricane, it takes much longer than usual for the reconstruction of homes to take place. A possible explanation for this is
A. greed by suppliers of construction materials increased. B. environmental restrictions on lumbering in the Pacific Northwest were relaxed. C. prices of construction materials fell in the rest of the nation D. government prevented price gouging during the reconstruction period.