Per capita income is calculated as:
a. national income divided by number of households.
b. national income divided by number of people.
c. number of households divided by national income.
d. number of people divided by national income.
e. number of people divided by domestic income.
b
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Using the data in the above table, the average total cost of producing 16 units per day is
A) $1.25. B) $6.25. C) $7.00 D) $7.50.
Refer to Figure 3-5. At a price of $20, the quantity sold
A) is 0 units. B) is 4 units. C) is 8 units. D) cannot be determined.
If the expected profitability of a business activity increased we might expect investment spending to:
A. increase. B. decrease. C. remain constant. D. there is not enough information to determine what would happen.
Being paid a wage more than your opportunity costs is an example of
A) economic profit. B) normal profit. C) an accounting cost. D) an efficiency wage.