The gross domestic product is not a good measure of the standard of living in a nation because it:
A. Includes the cost of health insurance
B. Excludes payments for pollution control equipment
C. Does not account for the size of the population
D. Does not account for the cost of police protection
C. Does not account for the size of the population
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An increase in the employment tax will have no effect on output if the labor supply curve
A) is perfectly vertical. B) has a positive slope. C) is perfectly horizontal. D) has a negative slope.
The figure above represents the competitive market for slices of key lime pie. If the production is 80 slices per day, the cost of the 80th slice is
A) less than anyone is willing to pay for it. B) more than anyone is willing to pay for it. C) equal to what someone is willing to pay for it. D) indeterminant. E) equal to the deadweight loss from the 80th slice.
To maintain amonopoly,there must be barriers to entry. Barriers to entry include ______
Fill in the blank(s) with correct word
The real wage in Fantasyland has been constant since 1950. The nominal wage in 2015 was $100, and the Consumer Price Index (CPI) was 200 in 2015. What was the nominal wage in 2002 if the CPI was 50 in 2002?
A) Nominal wage = $25 B) Nominal wage = $400 C) Nominal wage = $100 D) Nominal wage = $250