If a country passes a labor law limiting the number of hours of work per week, GDP would ________ and leisure would ________
A) decrease; increase
B) increase; increase
C) decrease; decrease
D) increase; decrease
Answer: A
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When economic profits are positive, accounting profits
A) must be positive. B) will be negative. C) will equal zero. D) could be positive, negative or zero.
National income includes wages and salaries, interest and rent, but not corporate profits
a. True b. False Indicate whether the statement is true or false
Unemployment compensation is an example of a(n)
a. discretionary stabilizer b. countercyclical stabilizer c. cyclical stabilizer d. labor stabilizer e. automatic stabilizer
In an economy, the price level has doubled in about 70 years. The approximate annual percentage rate of increase in the price level over this period has been:
A. 1 percent. B. 2 percent. C. 3 percent. D. 4 percent.