"Unions in the United States have helped raise the incomes of union workers as compared to nonunion workers." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. The hourly wage earned a typical union worker is about $3.20 higher than the hourly wage earned a typical nonunion worker. However, the effect of a higher hourly wage rate on annual income is more than offset by the effect of fewer hours that the average union employee works as compared to the average nonunion worker. As a result, the annual income of a typical union worker is lower than that of the average nonunion worker.
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Which of the following expressions equals GDP?
A) compensation of employees + consumption + depreciation + net investment B) compensation of employees + net interest + rental income + depreciation + corporate profits + proprietors' income + indirect taxes - subsidies C) compensation of employees + net exports + depreciation + corporate profits D) compensation of employees + gross investment + rental income + depreciation + corporate profits + indirect taxes - subsidies
If MPS is equal to 0.15 and MPI is equal to 0.10, an initial change of $19,000 in government expenditure would result in a total change of _____ in income
a. $19,000 b. $16,150 c. $20,000 d. $76,000 e. $126,667
Among the 23 long-standing members of the Organization for Economic Cooperation and Development (OECD), the highest rates of economic growth during recent decades have been achieved by
a. Western European countries. b. the countries with the smallest government expenditures as a share of GDP. c. the countries with the largest government expenditures as a share of GDP. d. the countries with the most rapid growth of government expenditures as a share of GDP.
Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, total revenue will be
a. $2,000. b. $2,400. c. $4,200. d. We do not have enough information to answer the question.