In the United States, leisure is a significant element in developing an accurate measure of
a. national income.
b. personal income.
c. disposable personal income.
d. the standard of living.
d. the standard of living.
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If the demand curve for a good is a downward sloping straight line, the demand for the good will be more price elastic the higher is the
A) price of the good. B) price of complements. C) income of consumers. D) income elasticity of demand for that good.
Fiscal policy in the United States is hampered by its particularly long ________ lag
A) data B) recognition C) legislative D) transmission E) effectiveness
In the short run, producers derive surplus from market exchange because
a. total revenue is greater than the minimum amount they would require to sell the good b. total revenue is equal to the minimum amount they would require to sell the good c. total revenue is less than the minimum amount they would require to sell the good d. marginal revenue equals average total cost e. they can rob consumers of most of their consumer surplus
Costs in a natural monopoly are lower because there is only one producer
a. True b. False Indicate whether the statement is true or false