Which of the following methods is not used to calculate GDP?
A. The sum of all the final goods and services produced by a country’s resources
B. The sum of all factor payments plus depreciation and indirect business taxes
C. The sum of all values added at each stage of production
D. The sum of all spending on final goods and services
Answer: A
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The federal government's earned-income tax credit
a. provides support only for elderly and disabled poor b. represents a type of in-kind transfer program c. provides food assistance to the working poor d. reduces taxes if the poor buy housing e. offers an income tax refund to the working poor greater than the taxes they paid
The demand curve for the product of a perfectly competitive firm is
A. perfectly elastic. B. perfectly inelastic. C. identical to the elasticity of demand on the market demand curve. D. elastic at high prices and inelastic at low prices.
Which of the following is a valid explanation for real wage growth?
A. The rising cost of capital accumulation B. A contraction of employment in manufacturing industries C. An increase in the quantity of labor D. A rising rate of labor productivity growth
Refer to the given figure and assumptions. If the government effectively prevents illegal immigrants from working in this labor market, the equilibrium wage and level of employment are, respectively:
(1) Employers in this market are willing and able to ignore minimum wage laws;
(2) S d represents the supply of domestic-born (and legal immigrant) workers; (3) S t represents
the total supply of workers in this labor market (S d plus illegal immigrants); and (4) unless
otherwise stated, illegal immigration is not effectively blocked by the government.
A. $5.50 and 250,000.
B. $5.50 and 350,000.
C. $8.00 and 350,000.
D. $5.50 and 450,000.