The income that people earn in resource or factor markets is called:
a. disposable personal income.
b. transfer payments.
c. national income.
d. personal income.
c
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In the above figure, point B depicts
A) an inflationary gap with real GDP in excess of potential GDP. B) an inflationary gap with real GDP less than potential GDP. C) a recessionary gap with real GDP in excess of potential GDP. D) a recessionary gap with real GDP less than potential GDP.
The capture theory holds that regulations are supplied to maximize ________
A) total sales B) economic profit C) marginal product D) consumer surplus
According to the Hotelling Principle, the price of a nonrenewable resource is expected to
A) rise at a rate higher than the interest rate. B) rise at a rate lower than the interest rate. C) rise at a rate equal to the interest rate. D) fall at a rate equal to the interest rate.
One of the characteristics of a command economy is
A. free enterprise. B. complex markets. C. the pursuits by individual and firms of their own self-interest without any central direction or regulation. D. central planning.