What is national income? List its components
What will be an ideal response?
National income is the total of all private income and payments for taxes on production and imports. The private income components of national income are employee compensation, rents, interest, proprietors’ income, and corporate profits.
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Suppose the current price of barley is $7 per bushel and at that price 100,000 bushels are grown by a Colorado farmer
If the price of barley rises to $8 and quantity supplied increases to 130,000 bushels, then using the midpoint method, the price elasticity of supply for barley equals A) 13.33. B) 26.78. C) 1.96. D) 0.51. E) zero.
A price ________ is a regulated ________ that must be set below the equilibrium price to have an effect
A) floor; price B) floor; quantity C) ceiling; price D) ceiling; quantity
Which of the following bonds will have the highest yield-to-maturity if all three bonds appear identical to investors in terms of risk, liquidity, information costs, tax treatment?
A) one with a coupon of $50 B) one with a coupon of $100 C) one with a coupon of $200 D) none of the above
Within the framework of the Keynesian model,
a. changes in output rather than changes in prices direct the economy to equilibrium. b. changes in prices rather than changes in output direct the economy to equilibrium. c. changes in interest rates and resource prices will direct the economy to equilibrium. d. the economy will continually be in equilibrium.