Author Question: When measuring GDP by the income approach, wage income includes i. health-care insurance paid for by ... (Read 115 times)

Anajune7 · **on:** Jun 29, 2018

When measuring GDP by the income approach, wage income includes i. health-care insurance paid for by the firm for its employees. ii. Social Security contributions made by the firm. iii. wages paid during a worker's vacation time.

A) i, ii and iii
B) i and ii only
C) i only
D) ii only
E) ii and iii only

Question 2

As Rainclouds Inc moves downward along its production possibilities frontier, illustrated in the figure above, the opportunity cost of a raincoat ________.

A) decreases
B) depends on the initial quantity produced
C) increases
D) remains the same