The income approach to measuring GDP involves adding up the following ________
A) household income and income generated by firms
B) private spending, tax revenues and government spending
C) transfer payments and income taxes
D) interest income, profits and social security benefits
E) wages, benefits and interest income
A
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Consider the monopolist depicted in the figure above. When it maximizes its profit, a single-price monopolist sets a price of ________ per unit
A) $4 B) $7 C) $9 D) $11
Academic book publishers hire editors, designers, and production and marketing managers who help prepare books for publication
Because these employees work on several books simultaneously, the number of people the company hires will not go up and down with the quantity of books the company publishes during any particular year. The salaries and benefits of people in these job categories will be included in A) fixed cost but not variable cost and total cost. B) fixed cost and marginal cost but not variable cost. C) fixed cost and total cost but not variable cost. D) marginal cost and total cost but not fixed cost.
Which of the following threatens the future of the U.S. economy?
(a) A strengthening of private property rights (b) Effectively preventing some individuals and organizations from pursuing noncompetitive market legislation (c) Racism, discrimination and sexism (d) Increased private consumption and investment and reduced government expenditures
Superfund relies in part on strict liability, which means that
a. an individual can be held liable even if negligence is not proven b. only current waste site owners are liable for damages c. polluters can be held liable for damages but not waste site owners d. a single party can be held liable for all damages even if their contribution to damages is minimal