The national income accounts for the United States are prepared by the
a. Bureau of Labor Statistics.
b. U.S. Department of Commerce, Bureau of Economic Analysis.
c. Federal Reserve Board.
d. president of the Council of Economic Advisors.
b. U.S. Department of Commerce, Bureau of Economic Analysis.
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When is it not in the best interest of a company to hire additional workers in the short run?
A) when the average product of labor is decreasing B) when the firm is in Stage II of the production process C) when the marginal revenue product equals zero D) when the wage rate is equal to or greater than labor's marginal revenue product
The phenomenon that describes how transfer programs, which significantly reduce the adversities of poverty, also reduce the opportunity cost of choices that often lead to poverty is known as
a. the implicit marginal tax rate. b. Gibson's paradox. c. the Phillips curve d. the Samaritan's dilemma.
Each of the following took place in the latter half of the 1990s except
A. a declining federal budget deficit. B. a declining unemployment rate. C. the spread of computerization. D. a rising rate of inflation.
In a competitive labor market, the equilibrium wage rate is determined by:
A. labor demand and labor supply. B. government regulation. C. employees. D. employers.