The total income of households is
A. national income.
B. personal income.
C. net national product.
D. production income.
Answer: B
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The unemployment rate at full employment is
A) the natural unemployment rate. B) equal the amount of unemployment caused by job search. C) zero. D) equal to the rationed rate of unemployment. E) undefined because the economy is never at full employment.
The practice of the only seller in a market charging a price at the highest level that would still inflict a loss on a new entrant into the market is called
A) limit pricing. B) collusive pricing. C) agile pricing. D) trigger pricing.
Someone in Germany has just ordered a U.S. car to be exported to Germany. In the U.S. balance of payments, this purchase is a(n)
A) accounting identity. B) special draw. C) surplus item. D) deficit item.
Comparative advantage is the ability to produce:
A. more of a good than others with a given amount of resources. B. relatively more than any other good with a given amount of resources. C. a good or service at a lower opportunity cost than others. D. more of a good at a lower cost.