In an open economy, aggregate supply consists of domestic production
A. plus imports.
B. plus exports.
C. minus imports.
D. minus exports.
Answer: A
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State and local governments receive the largest amount of revenue from
A. personal income taxes. B. property taxes. C. sales taxes. D. payroll taxes.
Is wage discrimination more likely in competitive or monopolistic markets?
What will be an ideal response?
The CPI equals 1.00 in year one and 1.15 in year two. If the nominal wage is $15 in year one and a contract calls for the wage to be indexed to the CPI, what will be the nominal wage in year two?
A. $17.25 B. $15.00 C. $22.50 D. $16.15
Which of the following is not a characteristic of a monopoly?
A. There is only one seller. B. A monopolist is a price-taker. C. There exist barriers to entry. D. A monopolist's sales revenue is constrained by the market demand.