The factor distribution of income:
A. refers to the pattern of income that people derive from different factors of production.
B. shows how much income people get from labor compared to land and capital.
C. hasn't changed substantially in the last century in the United States.
D. All of these statements are true.
Answer: D
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Transfer payments are:
A) included in GDP. B) not included in GDP. C) included in both GDP and GNP. D) none of the above.
If market price is greater than or equal to the minimum of AVC but below the minimum of AC, then
A) the firm will shut down. B) the firm will operate because its loss is less than if it shut down. C) revenue is lower than variable costs. D) profit is positive and so the firm will operate.
In general, countries with lower rates of growth of labor productivity have
a. lower levels of productivity. b. higher levels of productivity. c. lower levels of educational attainment. d. higher levels of natural resource endowments.
According to the signaling theory of education, better-educated workers
a. are likely to be high-ability workers. b. improve their marginal productivity through education. c. are in scarce supply in less developed countries. d. can only find low-skilled jobs due to technology.