Alice Hanson Jones (1980) finds that private nonhuman physical wealth in New England in 1774 was 36.4 pounds sterling per capita. Thus, assuming a capital output ratio of 3:1, Jones estimates that per capita income in New England in 1774 equaled:

Leisure time

A) is less valuable to us than the wage we earn for working. B) has steadily decreased over the years. C) is not valued as part of GDP. D) is not an economic good. E) is included in GDP and has become an increasingly large part of GDP.

The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour. The minimum wage ________ the employers' surplus by ________ million per year

A) decreases; $60 B) decreases; $120 C) increases; $40 D) increases; $100