How much of each dollar spent by a consumer ultimately becomes income to someone else?
A. more than one dollar
B. It depends on how much labor was needed to produce the good that the consumer buys.
C. one dollar
D. It depends on how much the cost there is in the distribution channel that delivers the good from the manufacturer to the consumer.
Answer: C
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According to this Application, the volatility of energy prices can contribute to uncertainty in the economy. An increasingly uncertain future will tend to cause firms to
A) delay their investment decisions. B) continue with a stable flow of investment spending so as not to get trapped by a downturning economy. C) wait for significant GDP growth before reducing investments. D) rely on the government to make their investment decisions for them.
Economic freedom means that
A) some goods and services are free. B) firms are regulated by the government. C) people are able to make personal choices and their property is protected. D) the nation's government is a democracy. E) the rule of law does not apply.
The table above gives the domestic demand and supply schedules for a good. Suppose the world price of the good is $40 and the government imposes a $20 per unit tariff. How much will the government collect as tariff revenue?
A) $160 B) $360 C) $320 D) $240 E) $80
What's a normal good to me might be
A) a normal good to you. B) an inferior good to you. C) a bad to you. D) any of the above to you.