The value of every monetary transaction in the economy would be included in
a. GDP.
b. potential GDP.
c. personal income.
d. national income.
e. None of the above.
E
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A binding minimum wage tends to
a. cause a labor surplus. b. cause unemployment. c. have the greatest impact in the market for teenage labor. d. All of the above are correct.
This economic term or expression refers to markets and prices determining what gets bought and sold in our economy, seemingly almost automatically without interference or orders from anyone.
a) Consumer sovereignty b) Demand c) Invisible hand d) Capitalism e) Circular flow
When you paint the outside of your house, you not only enjoy a private benefit for yourself, but you also provide a(n) __________________ benefit.
Fill in the blank(s) with the appropriate word(s).
If the MRP of labor were $100 and the wage rate were $200,
A. exactly the right amount of labor is being used. B. not enough labor is being used. C. only half as much labor is being used as should used. D. too much labor is being used.