Economic growth is
A. an increase in the per person real production in a nation.
B. an increase in real estate values.
C. an increase in stock market values.
D. an increase in the number of people employed in agriculture.
Answer: A
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To correct a nominal quantity for changes in the price level, one should:
A. multiply it by a price index. B. divide it by a price index. C. add a price index to it. D. subtract a price index from it.
Which of the following is most likely to incorporate a great deal of economic rent?
a. sale of a bag of potato chips b. salary paid to an employee at the local Home Depot c. a soft drink sold by a vending machine d. sale of a rare stamp
A company can hire non-union workers, but a condition of their employment is that they must join the union within their first 90 days on the job. This is an example of a
A. closed-shop. B. union shop. C. voluntary craft union. D. right-to-work law.
Sammy has a drone that he values at $1,500. Frank values the same drone at $1,000. The government offers a subsidy of $800 to the buyers of drones, and Sammy and Frank agree on a price of $1,600. The subsidy creates a deadweight loss of
A) $0 B) $200 C) $500. D) $800.