National income is the sum of
A. wages and profits.
B. wages, interest, profits, and rent.
C. interest and rent.
D. wages, transfer payments, and tax revenues.
Answer: B
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Which of the following best exemplifies a deadweight cost?
A) Eating something in a restaurant you don't really want because you have already paid for it. B) Paying for something in a restaurant but not eating it. C) Refusing dessert in a restaurant although it is included in the price of the meal. D) Tipping the waiter even though he gave slow, surly, and inattentive service. E) Waiting twenty minutes for a table to become available in a restaurant.
Discuss how economists measure the following: (i) aggregate expenditure, (ii) aggregate income, and (iii) aggregate output
What will be an ideal response?
A monopoly has
a. A perfectly elastic demand curve b. A perfectly elastic supply curve c. A downward sloping demand curve d. A upward sloping demand curve
In a country with a working-age population of 30 million, 18 million are employed, 2 million are unemployed, and 2 million of the employed are working part-time, half of whom wish to work full-time. The involuntary part-time rate is
A) 4.5 percent. B) 10 percent. C) 4.8 percent. D) 5 percent. E) none of the above.