The concept of "wages" does not include which of the following items?
A. bonuses and royalties earned
B. money spent by workers
C. direct money payments, like salaries and commissions
D. fringe benefits, like health insurance and paid leave
Answer: B
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SouthState Chemical Co. produces pine oil cleaners in a process that produces emissions that discolor the paint on nearby houses, although the emissions have been declared nontoxic to humans. a. Is the price for the cleaner likely to be allocatively efficient? Use a graphic illustration in your answer. b. If your answer to (a) is no, what is an appropriate government policy to correct the problem?
What will be an ideal response?
A decrease in demand will:
a. reduce total revenue b. increase total revenue. c. increase total revenue only if demand is inelastic. d. increase total revenue only if demand is elastic.
If most people found the lifestyle of an assembly-line worker less desirable relative to that of persons in other professions, one would expect the return on the human capital investment of
a. assembly-line workers to be higher than that of persons in other professions. b. assembly-line workers to be lower than that of persons in other professions. c. assembly-line workers and that of persons in other professions to be nonetheless equal. d. both assembly-line workers and persons in other professions to be unaffected by the subjective preferences of investors.
U.S. exports are $300 billion, U.S. imports are $500 billion. Which of the following are consistent with the level of net exports?
a. The U.S has a trade surplus. The U.S. purchases $800 billion worth of foreign assets and foreign countries purchase $600 billion worth of U.S. assets. b. The U.S. has a trade surplus. The U.S. purchases $600 billion worth of foreign assets and foreign countries purchase $800 billion worth of U.S. assets. c. The U.S has a trade deficit. The U.S. purchases $800 billion worth of foreign assets and foreign countries purchase $600 billion worth of U.S. assets. d. The U.S. has a trade deficit. The U.S. purchases $600 billion worth of foreign assets and foreign countries purchase $800 billion worth of U.S. asset.