Which of the following accurately represents income earned by all factors of production?
A. national income
B. disposable personal income
C. personal income
D. wages and salaries
Answer: A
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Capital gains are profits that you earn on the sale of your
a. labor. b. money. c. financial asset. d. economics textbook.
Refer to the above diagram. Total utility:
A) increases so long as additional units of Y are purchased. B) becomes negative at 4 units. C) increases at a diminishing rate, reaches a maximum, and then declines. D) is maximized at 2 units.
If prices of goods and services are inflexible, then:
A. A negative demand shock would lead to increased real GDP in the short run B. A positive demand shock would lead to increased real GDP in the short run C. A negative demand shock would have no short-run effect on real GDP D. There would be no short-run demand shocks
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C