Poor Asian countries may have per-capita GDP's that may be less than $250 . Why is this somewhat misleading for comparative purposes?
a. Most rich country GDP is nonmarket activity.
b. A significant amount of poor country GDP is nonmarket activity.
c. Poor countries do not use dollars.
d. Poor countries have few resources.
b
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Draw a graph of the labor supply curve. Place an X at the point on the curve where the substitution effect and the income effect are exactly balanced.
What will be an ideal response?
In 2014, the largest single source of funds for adults 65 and older was
A. Social Security payments. B. public pensions. C. income from assets. D. earnings from work.
Inflation is a tax because as the government ________ the quantity of money, the price level ________, and the purchasing power of households' money ________
A) does not change; rises; increases B) increases; rises; increases C) decreases; falls; decreases D) increases; rises; decreases E) decreases; rises; decreases
The labor market in professional baseball is an example of
A) a bilateral monopoly. B) a monopsonistic labor market. C) a monopolistic labor market. D) a perfectly competitive labor market.