A typical worker's normal or average income is called
a. the life cycle.
b. permanent income.
c. transitory income.
d. in-kind transfers.
b
You might also like to view...
All else constant, as the amount of a firm's implicit costs increases, the difference between economic profit and accounting profit will:
A) increase. B) stay the same. C) decrease. D) cannot be determined without more information.
Most of the U.S. national debt is owed to
a. insurance companies. b. foreign and international institutions. c. private investors. d. Federal Reserve banks and government agencies.
Steve buys Pepsi at $.60 per can and orange juice at $1.20 per can. In consumer equilibrium,
a. orange juice would yield a higher marginal utility per dollar spent than Pepsi would b. he will consume twice as much Pepsi as orange juice c. he will consume more orange juice than Pepsi d. total utility from orange juice is twice that from Pepsi e. his last can of orange juice would generate a higher marginal utility than his last can of Pepsi
One limitation of the production possibilities curve is that it is unable to tell us ______.
a. when we are operating efficiently b. when we are operating inefficiently c. the trade-off for producing more of one item d. the best place to be on the curve