Which of the following is included in personal income but not in national income?
a. Corporate profits
b. Social Security payments
c. Compensation for workers
d. Proprietors' income
b
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The Federal Reserve lowers interest rates. As a result, in the short run, real GDP ________ and the price level ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls
How does the owner of a sole proprietorship relate to the business?
A) The assets of the owner are considered separate from the assets of the business. B) The owner and the business are not separate legal entities. C) The owner and the business are separate legal entities. D) None of these describe the legal relationship of the owner to the business.
A factor market is any place or process where
A. Finished services are bought and sold. B. Land, labor, or capital is bought and sold. C. Finished goods are bought and sold. D. None of the choices are correct.
The market demand for a monopoly firm is estimated to be:Qd = 100,000 - 500P + 2M + 500PRwhere Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. The average variable cost function is estimated to beAVC = 520 - 0.03Q + 0.000001Q2Total fixed cost in 2016 is expected to be $4 million. The firm's profit is
A. $200,000. B. -$182,000. C. $800,000. D. $375,000. E. $100,000.