For resources with upward-sloping supply curves:
a. earnings consist solely of economic rent.
b. earnings consist of both transfer earnings and economic rent.
c. earnings are called transfer earnings.
d. earnings are called dividends.
e. earnings consist entirely of interest payments.
b
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A legal monopoly is defined as a market where
A) only one lawyer operates. B) a legal barrier to entry exists. C) only one firm could earn a profit. D) entry and exit are legal.
When deciding whether the economy has entered an economic recession, the NBER's Business Cycle Dating Committee examines and compares the behavior of various measures of broad activity
The measures the committee focuses on include all of the following except A) real GDP measured on the product and income sides. B) production data for specific, individual industries. C) economy-wide employment. D) real income.
Refer to the graph shown. Within which part of the production function is the firm most likely to operate?
A. A B. B C. C D. B and C
Underemployment is defined as
A. People seeking full-time paid employment but work only part-time or are employed at jobs below their capability. B. Individuals desiring to work but who are discouraged by the process and have given up looking. C. Individuals who are lazy and will not go out looking for a job but say they are looking. D. People who have been laid off because of a recession and have little chance of finding a job.