Households increase the quantity of labor supplied when
A) the real wage rate increases.
B) the real wage rate decreases.
C) job opportunities increase.
D) the nominal wage decreases and the price level rises.
E) income taxes increase.
A
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Refer to the table above. For which of the following choices is the marginal total cost the lowest?
A) Choosing factory Close over factory Far B) Choosing factory Far over factory Very Far C) Choosing factory Very Close over factory Close D) Choosing factory Close over factory Very Far
Which is greater, gross domestic product or national income? By how much?
a. Gross domestic product < National income; indirect business taxes, depreciation, and income earned by foreigners in the United States b. Gross domestic product < National income; net exports and indirect business taxes c. Gross domestic product > National income; net exports and indirect business taxes d. Gross domestic product > National income; indirect business taxes, depreciation, and income earned by foreigners in the United States
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if the economy decides to impose a tariff, the government can expect to raise how much in government revenues?
A. $37,500. B. $19,500. C. $27,000. D. $34,500.
Which of the following components are necessary parts of an economic hypothesis?
a. predictable; testable; changing circumstances b. reflection; historical accuracy; constant circumstances c. predictable; testable; constant circumstances d. reflection; historical accuracy; changing circumstances