Which of the following is included in the calculation of national income?
A) compensation of employees
B) rental income
C) indirect business taxes
D) all of the above
E) none of the above
D
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Compared to the United States, minimum wages are ________ and unemployment benefits ________ in Western Europe.
A. lower; less generous B. higher; less generous C. higher; more generous D. lower; more generous
Refer to Table 4-7. Suppose that the quantity of labor supplied decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $8.50; Q = 550,000 B) W = $11.50; Q = 610,000 C) W = $12.50; Q = 550,000 D) W = $8.50; Q = 630,000
Suppose the monopolist only sold the goods separately. What price will the monopolist charge for Good 1 to maximize revenues for good 1?
a. $2,300 b. $2,800 c. $1,200 d. $1,700
The effects of foreign competition on the U.S. textile industry would be studied by a microeconomist rather than a macroeconomist
a. True b. False Indicate whether the statement is true or false