Labor income includes:
A. wages, salaries, and earnings of the self-employed.
B. interest, dividends, and rent.
C. profits, royalties, and rent.
D. payments to owners of factories, machines, and buildings.
Answer: A
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The immediate (two-day) exchange of one currency for another is a
A) forward transaction. B) spot transaction. C) money transaction. D) exchange transaction.
Which of the following characteristics does perfect competition share with monopolistic competition?
a. price-taking firms b. zero long-run economic profit c. homogeneous product d. some barriers to entry e. economies of scale in production
If the required reserve ratio (RRR) is 10 percent and the Fed sells a $5,000 bond to an individual who pays for it with a check, the money supply will
a. not change b. decrease by $4,500 c. increase by $4,500 d. decrease by $5,000 e. increase by $5,000
If nominal GDP is $10 trillion and real GDP is $12 trillion, then the GDP deflator is
a. 83.33, and this indicates that the price level has decreased by 16.67 percent since the base year. b. 83.33, and this indicates that the price level has increased by 83.33 percent since the base year. c. 120, and this indicates that the price level has increased by 20 percent since the base year. d. 120, and this indicates that the price level has increased by 120 percent since the base year.