Human wealth is a function (i.e., affected by changes in) of which of the following variables?
A) future expected income
B) future expected taxes
C) current interest rates
D) all of the above
E) none of the above
D
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An increase in the wage will cause the output supply curve in the one-input model to shift in unless labor is an inferior input.
Answer the following statement true (T) or false (F)
The underground economy
A) is measured by government officials through tax returns. B) is difficult to describe but easy to measure. C) includes production that uses illegal workers who are paid less than minimum wage. D) includes mining production. E) is estimated by the government and the estimate is part of official GDP.
On a certain supply curve, one point is (quantity supplied = 200, price = $2.00) and another point is (quantity supplied = 250, price = $2.50). Using the midpoint method, the price elasticity of supply is about
a. 0.2. b. 0.5. c. 1.0. d. 2.5.
The task of economic regulation is to
a. protect monopoly profits. b. approximate the results of the competitive market. c. replace competition with government ownership. d. increase competition within the market.