The respective payments for the resources of natural resources, labor, capital, and entrepreneurial ability are
a. interest, wages, profit, and rent
b. profit, rent, interest, and wages
c. rent, wages, profit, and interest
d. interest, profit, wages, and rent
e. rent, wages, interest, and profit
E
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The aggregate price level is likely to rise if ________
A) the long-run real interest rate rises B) the long-run nominal interest rate rises C) the stock of money grows faster than real GDP D) real GDP grows faster than the stock of money
Describe the scale of redistribution in the United States
What will be an ideal response?
Microeconomic topics do not usually include: a. how wages are determined in the labor market
b. the magnitude of national income. c. how firms choose output to maximize profits. d. how consumers maximize utility subject to a budget constraint.
Intertemporal decisions are
a. decisions in one period of time. b. decisions over time. c. decisions made without thinking about time. d. decisions involving infinity.