National income is
A. the amount of monetary payments households actually receive after paying personal income taxes.
B. the dollar value of all final goods and services produced in a country in a year.
C. the total of factor payments to owners of resources.
D. the amount of monetary payments households actually receive before paying personal income taxes.
Answer: C
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Demand is inelastic only if the price elasticity of demand has an absolute value:
A. less than 0. B. greater than 5. C. of 1. D. greater than 0 but less than 1. E. greater than 1.
The gift exchange motive suggests that
A) workers value benefits like health insurance more than job security. B) workers prefer a nice work environment, even if they must accept lower wages. C) workers who feel well treated will work harder and more efficiently. D) workers will shirk if they are paid a low wage.
Everything else held constant, increased demand for a country's exports causes its currency to ________ in the long run, while increased demand for imports causes its currency to ________
A) appreciate; appreciate B) appreciate; depreciate C) depreciate; appreciate D) depreciate; depreciate
A horizontal merger involves
A) the joining of two firms at different stages of the production process. B) the separation of management from ownership. C) the joining of two firms selling similar products. D) the exchange of debt for stock.