Proprietor's income is not considered part of national income
Indicate whether the statement is true or false
FALSE
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Which of the following is an example of an implicit cost?
A) rent on a building B) the cost of fertilizer for a farmer C) the economic depreciation of capital equipment the business owns D) the cost of fuel and materials. E) wages paid to workers
The election campaign of George Bush to succeed Ronald Reagan as president was
a. hindered due to high levels of unemployment in 1988. b. hindered by the increasing inflationary problems of the late 1980s. c. helped by the budget surpluses generated in the last years of the Reagan administration. d. helped by the continuing low levels of unemployment and inflation in 1988.
When the economy is producing Real GDP at the level at which the LRAS curve intersects the AD curve the economy is
A) in a recessionary gap. B) in long-run equilibrium. C) in an inflationary gap. D) operating at less than full-employment output.
The marginal rate of substitution measures
A. the changes in marginal utility along the indifference curve. B. the impact of product substitution. C. the consumer's willingness to substitute one product for another so that marginal utility will remain unchanged. D. the consumer's willingness to substitute one product for another so that total utility will remain unchanged.