What is the distribution of national income currently among the owners of the factors of production-land, labor, capital, and entrepreneurship?
According to the text, in 2013, rent was 4% of national income; interest payments accounted for 3.2%; corporate profits claimed 14%; income from other business proprietorships represented 9.3%t; and the wage and salary return to labor was about 60% of national income.
You might also like to view...
The market-day supply curve is
a. horizontal, reflecting the fact that the quantity supplied can increase infinitely b. vertical, reflecting the fact that the quantity supplied cannot change c. increasing, reflecting the positive relationship between price and quantity d. decreasing, reflecting the inverse relationship between price and quantity e. flatter than the market demand curve
What happens if the price received by a perfectly competitive firm causes it to produce at a quantity where price equals average cost?
a. The firm earns a profit. b. The firm earns no profit. c. The firm earns losses. d. The firm earns little profit.
Suppose that for a given good demand decreases and supply increases at the same time. If demand decreases by a greater amount than supply increases, then equilibrium price __________ and equilibrium quantity __________ for that good
A) rises; rises B) rises; falls C) falls; rises D) falls; falls
An industry with a Herfindahl-Hirschman index of 100 would have at least ______ firm(s).
Fill in the blank(s) with the appropriate word(s).