If the value of your baseball card collection increases during a year, it would count as income under which of the following definitions of income?
a. The Fisher definition of income.
b. The Haig-Simons definition of income.
c. The Laffer definition of income.
d. The imputed collectible return definition of income
d
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Refer to Figure 15.2. The economy is at full employment and the unemployment rate is at the natural rate at point
A) a. B) b. C) c D) d.
The real wage rate is $35 an hour. At this wage rate there are 100 billion labor hours supplied and 200 billion labor hours demanded. There is a
A) shortage of 300 billion hours of labor. B) shortage of 100 billion hours of labor. C) surplus of 100 billion hours of labor. D) surplus of 300 billion hours of labor. E) shortage of 200 billion hours of labor.
Which of the following is not a valid criticism of Fogel's (1964) methodology in his study of railroads?
(a) The canal prices used for 1890 were low. (b) The impact of railroads on financial markets is ignored. (c) The nonpecuniary gains from using railroads could have been considered. (d) The amount of land cultivated would have been reduced.
Considering the data in the table shown above and 2010 as the base year, what is the inflation rate between years 2010 and 2015?
A) 0.0 percent B) 41.7 percent C) 17.1 percent D) 3.4 percent