Approximately what percentage of U.S. national income is paid to workers, as opposed to owners of capital and land?
a. 25 percent
b. 45 percent
c. 65 percent
d. 85 percent
Answer : c. 65 percent
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If a consumer is relatively insensitive to changes in the price of a good, then the consumer's demand for the good is
A) elastic. B) unit elastic. C) inelastic. D) perfectly elastic.
The opportunity cost of leisure is approximated by:
a. the price of leisure activities (such as theater tickets). b. an individual's hourly real wage rate. c. commuting expense. d. an individual's total income.
According to some economists and policy makers, the solution to Spain’s high youth unemployment is to
a. reduce government-mandated wages, which would allow it to reduce government spending. b. increase government-mandated wages, which would allow it to reduce government spending. c. increase government-mandated wages, which would allow it to increase government spending. d. reduce government-mandated wages, which would allow it to increase government spending.
In the principal-agent problem, the agent is:
A. a person who entrusts someone with a task. B. a person who has the same objectives as the principal. C. a person who carries out a task on someone else's behalf. D. a person who is in charge of a top-secret mission.