The income of corporate managers is included in
a. employee compensation
b. interest
c. rent
d. corporate profit
e. proprietors' income
A
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Increases in revenue will
A) increase economic profit B) decrease economic profit C) may or may not affect economic profit D) leave economic profit unchanged.
Economists use the term ______ to refer to the ability of a single person (or a small group) to have a substantial influence on market prices
Fill in the blank(s) with correct word
If the level of aggregate expenditure was $16.8 trillion in 2013, the level of aggregate income in the economy during 2013 was _________.
A. also? $16.8 trillion because of the identity between aggregate expenditure and income. B. less than? $16.8 trillion because taxes will reduce income below aggregate expenditure. C. less than? $16.8 trillion because the United States imports more than it exports. D. more than? $16.8 trillion because transfers? (entitlements) allow income to exceed aggregate expenditure.
If Libby can produce 20 gallons of beer or 5 gallons of wine per hour, her opportunity cost of one gallon of beer is 4 gallons of wine.
Answer the following statement true (T) or false (F)