Government spending results from the provision of
a. private goods
b. public goods
c. merit goods
d. redistribution
e. all of the above
E
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If a firm manager has a base salary of $50,000 and also gets 2 percent of all profits, how much will his/her income be if revenues are $8,000,000 and profits are $2,000,000?
A. $90,000 B. $210,000 C. $250,000 D. $150,000
Assume a monopoly confronts the same costs and demand as a competitive industry. In this case, the monopolist produces
A. Less output and charges a lower price than the competitive industry. B. More output and charges a higher price than the competitive industry. C. The same output and charges the same price as the competitive industry. D. Less output and charges a higher price than the competitive industry.
As the income of an individual increases, he can afford more leisure. This refers to the ________ of a wage increase
A) income effect B) substitution effect C) transformation effect D) opportunity cost effect
A decrease in the price of a firm's output
A) raises the value of marginal product of each unit of labor. B) shifts the firm's demand for labor curve rightward. C) results in the firm increasing the amount of output it produces. D) None of the above is correct.