Total income in an economy is equal to
A) the sum of wages, interest, rent, and profit. B) firm revenues.
C) GDP minus net exports. D) income minus taxes.
A
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Greater availability of lower-cost drugs will tend to shift the ________ curve for medical services to the ________
A) demand; right B) supply; left C) supply; right D) demand; left
Peter is looking at a graph that shows the relation between inflation and unemployment. It measures the rate of inflation along the y-axis and the rate of unemployment along the x-axis. Peter believes that the graph shown to him is a short-run Phillips curve. Which of the following will strengthen his belief?
a. The points marked on the curves are (6, 4), (6, 3), and (6, 2). b. The points marked on the curves are (5, 4), (6, 4), and (7, 4). c. The points marked on the curves are (5, 4), (6, 3), and (7, 2). d. The points marked on the curves are (5, 4), (6, 5), and (7, 6).
Why might a company use barter rather than money to make a transaction?
A. Money is economically efficient for large transactions, but barter is preferred for smaller transactions. B. Money requires a coincidence of wants but barter is more direct. C. Barter is generally more efficient than money exchanges. D. Barter can enable two firms to trade when their cash flows are limited.
All of the following are exempt from antitrust enforcement EXCEPT
A) professional baseball. B) labor unions. C) hospitals. D) television and radio stations.