If Libby can produce 20 gallons of beer or 5 gallons of wine per hour, her opportunity cost of one gallon of beer is 4 gallons of wine.
Answer the following statement true (T) or false (F)
False
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The functional distribution of income measures which of the following?
A) the distribution of income among households B) how federal tax revenues are related to the business function that employs taxpayers C) the proportion of income generated by the four types of expenditures on goods and services D) the distribution of earnings by the factors of production E) the distribution of income among nations
The "big tradeoff" refers to the tradeoff between
A) work and leisure. B) equity and efficiency. C) public goods and private goods. D) taxes and transfers.
In a perfectly competitive labor market, the wage rate paid by the individual firm is
A) the equilibrium market wage rate. B) dependent on the demand for the product. C) below the equilibrium market wage rate. D) a function of the tax system.
Economic growth can be defined as
A. the rate of growth in the productivity of labor. B. the rate of growth of labor plus the rate of growth of capital plus the rate of growth in the productivity of labor and capital. C. the rate of growth of labor plus the rate of depreciation of capital. D. the rate of growth in the productivity of capital.