In the U.S. economy, rents are the smallest source of household income.
Answer the following statement true (T) or false (F)
False
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In managerial economics, agency costs refer to
a. booking travel arrangements b. model and actor representation c. imperfections in dealing with those hired d. foreign espionage
An ultimatum game:
A. is a repeated game. B. is a simultaneous move game. C. is when one player makes an offer and the other has to accept or reject. D. is a realistic way of modeling union negotiations.
Suppose a consumer wants to obtain the highest possible satisfaction from goods purchased on a fixed budget. Which of the following must be equal for all goods?
a. Total utility. b. Marginal utility. c. Average utility. d. Marginal utility per dollar.
Economic losses in a market cause ______.
a. supply increases leading to increased prices. b. supply increases leading to decreased prices. c. supply reductions leading to increased prices d. supply reductions leading to decreased prices.