If a union sets the wage rate to maximize the total wage receipts of its members, the marginal revenue would be
A) zero.
B) negative.
C) positive, but greater than 1.
D) positive, but less than 1.
A
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Which of the following statements about perfect competition is true?
A. In the long run, the entry and exit of firms will generate normal profits for firms. B. In the short run, firms can only generate economic profits. C. In the long run, the entry and exit of firms will generate economic profits for firms. D. In the long run, the entry and exit of firms will generate losses for firms.
Conditional cash transfer programs are programs in which:
A. financial support is given only to people who engage in certain actions. B. financial support is given only to people who have paid into the program for a minimum amount of time. C. financial support is given only to people who agree to pay it back at reduced interest to the government in the future. D. None of these is true.
National income is the sum of:
a. personal income and personal tax payments. b. proprietors' income, rental income, compensation of employees, corporate profits, and interest receipts, net of indirect business taxes and the capital consumption allowance. c. wages, transfer payments, interest paid to businesses, and tax revenue. d. NNP and the capital consumption allowance. e. consumption, investment, government spending, and net exports.
Government transfer payments are income earned by individuals who work for the federal government.
Answer the following statement true (T) or false (F)