The principal difference between income and money is that income is a ____ and money is a ____.
A. schedule; curve
B. point; line
C. stock; flow
D. flow; stock
Answer: D
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Which type of businesses earns the majority of profits in the United States?
A) corporations B) sole proprietorships C) partnerships D) none of these
Why are isoquants negatively sloped?
A) Along a single isoquant, the firm can substitute the use of one input for another while holding the total level of output constant. B) Due to the effects of diseconomies of scale. C) Because the farther the isoquant is from the origin, the higher the level of output. D) Because price and quantity demanded are inversely related.
Division of labor refers to
A. dividing tasks up into several subtasks and having one person perform these subtasks in a certain order. B. assigning different workers to different tasks. C. separating union workers from nonunion workers. D. the separation of hourly workers from salaried workers.
The argument that suggests that regulators balance the interests of firms, consumers, and legislators is called
A) the capture hypothesis. B) the creative response theory. C) the share-the-gains, share-the-pains theory. D) the theory of optimal regulation.