The payment received by suppliers of entrepreneurial skills is called rent
Indicate whether the statement is true or false
FALSE
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If the institutions in an economy change from being inclusive to extractive, the return-to-entrepreneurship schedule in the economy will:
A) become horizontal. B) shift rightward. C) become vertical. D) shift leftward.
A decrease in the price level will
a. have no effect on aggregate demand b. decrease aggregate demand c. decrease aggregate expenditure d. decrease the equilibrium level of national income e. increase the equilibrium level of national income
A price ceiling that is set above the equilibrium price:
A. will have no effect on the market. B. will lead to excess supply in the market. C. will lead to excess demand in the market. D. will lead to a black market.
Figure 5-16
Figure 5-16 shows Adam's purchases of bananas and apples when apples cost $5 each and bananas $4 each. The information implies that Adam's income
a.
must be $9.
b.
must be $20.
c.
must be $40.
d.
Adam's income cannot be determined without further information.