Income-in-kind is
A) money income.
B) received in the form of goods and services.
C) income in dollars.
D) used to buy goods and services.
B
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A new moving van will increase a moving company's yearly revenue by $15,000 . Its useful life is three years. If the interest rate is 10 percent (0.1) per year, which of the following is the highest price the firm would be willing to pay for the van? Assume that each year's revenue is received at the end of the year. (Answers are rounded to the nearest $100.)
a. $15,000 b. $20,000 c. $37,300 d. $44,100 e. $45,000
The term ______ describes a situation where a ______ causes a reduction in the buying power of income, even though actual income has not changed.
a. intertemporal budget; lower price b. income effect; higher price c. intertemporal budget; higher price d. substitution effect; lower price
In the short run, if a perfectly competitive firm is producing at a price below average total cost, its economic profit is:
A. positive. B. zero. C. negative. D. normal.
The demand for a factor of production depends on the:
A. supply of the factor. B. supply of other factors of production. C. demand for other factors of production. D. demand for the products that it helps to produce.