Capitalist income (corporate profits, interest, and rent) has:
A. declined sharply since 1900 because of the growing strength of labor unions.
B. remained approximately constant since 1900.
C. increased significantly because of rising rents.
D. fallen since 1900 because of the declining importance of corporations.
Answer: B
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The table above lists six points on the production possibilities frontier for grain and cars. From this information you can conclude that production is inefficient if this economy produces
A) 6 tons of grain and 18 cars. B) 4 tons of grain and 26 cars. C) 2 tons of grain and 27 cars. D) 8 tons of grain and 10 cars.
Which of the following increases money demand?
A) Disruptions in the banking system. B) The introduction of online banking. C) The wider availability of ATMs. D) The introduction of deposit insurance.
Which of the following statements cannot be made regarding consumer preferences?
a. Pat enjoys her second cotton candy less than her first. b. Bill enjoys his second cotton candy as much as the first. c. Arnie enjoys two cotton candies more than one cotton candy. d. Arnie enjoys two cotton candies more than Pat enjoys one cotton candy. e. Bill and Arnie enjoy their second cotton candy less than they do their first.
One of the effects of patents is to
a. reduce incentives for innovation. b. give firms incentives to worry less about minimizing production costs. c. temporarily provide the patent owner with monopoly power. d. reduce the degree of monopoly power in the short run.