Which type of regulation applies to all firms in the economy, as opposed to only covering specific industries?

Brady pays $37,450 for a new car, including a federal excise tax of $700 and a state sales tax of $1,750. The indirect business tax value added to GDP under the income approach for this purchase is

A. $2,450 because this is income for the government. B. $2,450 because this is profit for the firm. C. $700 because only federal taxes are included in indirect business taxes; state taxes are excluded. D. $1,750 because only state taxes are included in indirect business taxes; federal taxes are excluded.

Opportunity wage refers to the

A. Income an individual loses when he or she quits a job. B. Value of goods and services that could be purchased with a certain individual's income. C. Highest wage an individual would earn in his or her best alternative job. D. Income equivalent of a volunteer worker.