In the United States, labor earnings are about what percent of total income?
a. 75 percent
b. 70 percent
c. 67 percent
d. 50 percent
c
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If the quantity of good A (QA) is plotted along the horizontal axis, the quantity of good B (QB) is plotted along the vertical axis, the price of good A is PA, the price of good B is PB and the consumer's income is I, then the slope of the consumer's
budget constraint is ________. A) -QA/QB B) -QB/QA C) -PA/PB D) -PB/PA E) I/PA or I/PB
An expansionary monetary policy is likely to increase real output more than just temporarily:
a. when actual output currently is beyond the economy's long-run capacity. b. when the economy currently is at full employment c. when the economy currently operates at less than capacity. d. at virtually any output level.
A voting procedure in which the winner must defeat each of the other alternatives in head-to-head contests is known as the
A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method
A large part of the principal-agent problem stems from the desire of
A) agents to work hard. B) agents to avoid working. C) principals to work hard. D) principals to avoid working.