Which amount is not included in gross domestic product?
A) Payments to a physician for treatment of a respiratory condition caused by air pollution
B) The purchase price of a used car bought from a friend
C) Wages of government employees
D) Wages of people who clean up toxic chemical spills
E) Wages of people who sell used cars
B
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A monopoly produces and sells 300 units of its product for $8 per unit. If the total cost incurred by the monopoly is $1,800, determine its profit or loss
What will be an ideal response?
Efficiency wages cause unemployment because
A) firms pay wages that are above the market wage, causing the quantity of labor demanded to be greater than the quantity of labor supplied. B) firms pay wages that are above the market wage, causing the quantity of labor demanded to be less than the quantity of labor supplied. C) firms pay wages that are below the market wage, causing the quantity of labor demanded to be less than the quantity of labor supplied. D) firms pay wages that are below the market wage, causing the quantity of labor demanded to be greater than the quantity of labor supplied.