Wage and property income before transfers and taxes is known as market income.
Answer the following statement true (T) or false (F)
True
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Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The table below describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day.Employee-HoursPer DayOutputPer Day0014048091201516023200When the firm uses 9 employee-hours, its total cost each day is:
A. $126 B. $56 C. $176 D. $64
The permanent-income hypothesis can reconcile the cross-section and time-series consumption studies by incorporating the reasonable assumption that at any one time many people are poor because they have ________ transitory income, causing them to
have an unusually ________ saving ratio. A) positive, high B) positive, low C) negative, high D) negative, low
A decrease in the value of a country's currency is known as ________
A) a spot exchange rate B) a depreciation of its value C) an appreciation of its value D) a forward spotting
If nominal GDP rises: a. we can be sure the price level has risen. b. real GDP may rise or fall
c. real GDP must rise. d. real GDP must fall.