In 2011, the U.S. federal government collected approximately what percentage of the taxes in the economy?
a. 10%
b. 40%
c. 50%
d. 67%
d
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An advantage of the establishment survey over the household survey of the labor market is that the establishment survey
A) includes the number of self-employed persons. B) provides an estimate of the number of persons unemployed. C) is based on actual payrolls, rather than on unverified answers. D) includes persons employed at newly opened firms.
Suppose a previously competitive labor market turns into a monopsony. The labor supply curve faced by the new monopsonist is:
a. above the labor supply curve under perfect competition. b. the market supply curve of labor. c. below the labor supply curve under perfect competition. d. changed because workers are now more willing to supply labor. e. perfectly horizontal.
Suppose a firm has an annual budget of $200,000 in wages and salaries, $75,000 in materials, $30,000 in new equipment, $20,000 in rented property, and $35,000 in interest costs on capital. The owner/manager does not choose to pay himself, but he could receive income of $90,000 by working elsewhere. The firm earns revenues of $360,000 per year. What are the annual implicit costs for the firm described above?
A. $160,000. B. $360,000. C. $90,000. D. $450,000.
In the aggregate expenditures model, a reduction in taxes may:
A. increase saving. B. decrease real GDP. C. increase unemployment. D. reduce consumption.