Personal income represents what households actually receive as income, while personal disposable income nets out of personal income taxes paid to federal, state, and local governments
Indicate whether the statement is true or false
T
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What best describes the antebellum economy?
a. By 1860 the size of most American firms was comparable to the size of firms today. b. Manufacturing had replaced agriculture as the largest sector of employment in the US. c. Heavy equipment was one of the top-three manufacturing sectors. d. The U.S. developed many new ways of combining factors of production to substitute capital for labor.
What was the original stated purpose of Fannie Mae and Freddie Mac?
a. to allow the government to extend loans directly to low-income and minority households b. to help provide liquidity in the secondary mortgage markets c. to operate as non-profit entities that would provide competition for for-profit mortgage companies d. to take on mortgages going into default in order to prevent them from going into foreclosure
Figure 7-9
Of the graphs in Figure 7-9, which represents total fixed cost?
a.
1
b.
2
c.
3
d.
4
Perfectly competitive markets are efficient because
A) they always reach equilibrium. B) firms in the market are price takers. C) the cost to society for producing the goods is exactly equal to the value that society places on the good. D) the long run equilibrium assures that the prices of resources will not increase.