The largest component of income is proprietors' income
Indicate whether the statement is true or false
FALSE
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In an election in which there is no policy which can defeat all other policies, the sequence of the votes determine?s the outcome, even under majority rule.
Answer the following statement true (T) or false (F)
If firms offer an efficiency wage:
a. the quantity of labor supplied will exceed the quantity of labor demanded. b. the quantity of labor demanded will exceed the quantity of labor supplied. c. the quantity of labor supplied will equal the quantity of labor demanded. d. absenteeism is expected to increase.
Accounting profit is total revenue minus total cost, including both explicit and implicit costs
Indicate whether the statement is true or false
The concept of opportunity cost only applies to societies that operate in a market-based economy.
Answer the following statement true (T) or false (F)