In the United States, which is the largest dollar figure?
A) disposable personal income
B) gross domestic product
C) per-capita GDP
D) personal income
B
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In general, microeconomic theory assumes that firms attempt to maximize the difference between
a. total revenue and accounting costs. b. price and marginal cost. c. total revenues and economic costs. d. economic costs and average cost.
If firms are producing at a profit-maximizing level of output where the price is less than the average total cost:
A. economic profits may be positive. B. accounting profits will be zero. C. economic profits are negative. D. accounting profits must be positive.
A utility-maximizing consumer is currently spending all of his/her income on two products, A and B. The MU of the last unit of A consumed is 50, the price of A is $25, and the price of B is $10 . The MU of the last unit of B consumed is:
a. 50. b. 5. c. 2. d. 20. e. cannot determine from this limited information
The rate of unemployment tends to be highest for:
a. White teenagers b. White adult males c. Black adult males d. Black teenagers