A labor market differs from a product market because
a. in a labor market, firms are suppliers and households are demanders
b. the usual laws of economics do not apply to labor markets
c. supply and demand are only relevant for labor markets
d. supply and demand are only relevant for product markets
e. in a labor market, firms are demanders and households are suppliers
E
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If this is an open economy, quantity of cars demanded domestically will be ________. 
A. 80,000 B. 20,000 C. 60,000 D. 40,000
Last year in a nation to the south, net domestic product at factor cost equaled $3,300 billion
Indirect taxes minus subsidies equaled $200 billion, depreciation equaled $800 billion, the statistical discrepancy equaled zero, and net operating surplus equaled $150 billion. The country's GDP was A) $2,300 billion. B) $3,500 billion. C) $4,300 billion. D) $4,450 billion. E) $4,150 billion.
An area in which the United States has had a sizable surplus in its balance of payments is sales of ____ to foreigners
a. goods b. energy c. assets d. automobiles
Suppose a country imposes a lump-sum income tax of $6,000 on each individual in the country. What is the average income tax rate for an individual who earns $60,000 during the year?
a. 0% b. 10% c. More than 10% d. The average tax rate cannot be determined without knowing the entire tax schedule.