When computing national income, which of the following is included in compensation of employees?
A) wages and salaries paid to employees
B) employers' contributions to Social Security and employee benefit plans
C) the monetary value of fringe benefits, tips, and paid vacations
D) all of the above
D
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Consider the following pairs of items:
a. shampoo and conditioner b. iPhones and earbuds c. a laptop computer and a desktop computer d. beef and pork e. air-travel and weed killer Which of the pairs listed will have a negative cross-price elasticity? A) a and b only B) c and d only C) e only D) a, b, and c only
Your local farmer has many competitors and exists in a market structure known as perfect competition
This means that price is determined outside of the individual farmer's ability to charge a price higher than the going market for a bushel of wheat, hence the farmer is A) a price maker and can therefore charge different customers different prices. B) always able to price produce above the competition and earn a larger profit. C) never able to determine any prices he charges for anything, such as soybeans. D) a price taker and cannot affect the market price of wheat.
Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending State College is:
A. $20,000 B. $35,000 C. $30,000 D. $15,000
Monopolistically competitive markets are different from perfectly competitive markets because in monopolistically competitive markets firms:
A. have some control over price, while in perfectly competitive markets firms have no control over price. B. face substantial barriers to entry, while in perfectly competitive markets firms face no significant barriers to entry. C. have no control over price, while in perfectly competitive markets firms have some control over price. D. sell a standardized product, while in perfectly competitive markets firms sell a differentiated product.