Which of the following statements is true?
A) National income accountants consider the portion of corporate profits that is used to pay corporate profits taxes to be income earned by households but not received.
B) Net domestic product (NDP) is a smaller dollar amount than GDP.
C) Personal income includes transfer payments.
D) b and c
E) a, b, and c
E
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The impact of an increase in the wage rate on labor demand is represented by ________, assuming all else equal
A) rightward shift in the demand curve for labor B) upward movement along the demand curve for labor C) leftward shift in the demand curve for labor D) downward movement along the demand curve for labor
The trough of a contraction is
A) the point in time at which the level of national business activity reaches a minimum before expanding again. B) the point in time at which the level of national business activity reaches a maximum before contracting again. C) the rate at which the level of business activity is declining. D) an external shock that causes economic activity to decline.
If the allocation of resources is efficient, then a market economy will maximize the difference between total utility and total cost.
Answer the following statement true (T) or false (F)
The Chinese Exclusion Act of 1882 was the first restriction on immigration, in the U.S
a. True b. False Indicate whether the statement is true or false