Total income
A) excludes profits.
B) includes only wages and interest payments.
C) is the yearly amount earned by owners of the nation's resources.
D) includes only wages received by workers.
C
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The major drawback of a price ceiling is
A. it causes a surplus. B. government regulations of this kind are difficult to enforce. C. it causes a shortage. D. there is no drawback.
The term _____ refers to the idea that the value people place on money depends on where that money comes from
a. decision making b. psychological pricing c. mental accounting d. marketing mix e. anchoring
Analysis of data on workers and those looking for work is conducted by economists at the
a. Office of Management and Budget. b. Department of Labor. c. Congressional Budget Office. d. Department of the Treasury.
Refer to the above table. Suppose the price of the good sold is $3 and the marginal factor cost of labor is $300, how many units of labor will the firm hire?
A. 6 B. 4 C. 3 D. 5