Total income in the United States is comprised of
a. wages only.
b. wages and fringe benefits only.
c. rents, profits, and interest payments only.
d. wages, fringe benefits, rents, profits, and interest payments.
d
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Which of the following statements is true of a perfectly competitive market?
A) Innovation is less likely in a competitive market because of free entry and exit of firms. B) Innovation is likely in a competitive market because of free entry and exit of firms. C) The firms in a competitive market invest more in R&D because they face an inelastic demand curve. D) The firms in a competitive market invest more in R&D because their demand for resources is perfectly elastic.
If a good is not produced, then there is no demand for it
Indicate whether the statement is true or false
Inefficient outcomes can arise in markets for public goods because:
A) too much of an exclusive good is produced. B) too little of an exclusive good is produced. C) too much of a nonexclusive good is produced. D) too little of a nonexclusive good is produced.
If the real interest rate is 5%, the rate of inflation in the United States is 6%, and the rate of inflation in the United Kingdom is 3%, which of the following statements would NOT be true?
A) The nominal rate of interest in the United States would be greater than the nominal interest rate in the United Kingdom. B) The difference between the U.K. and U.S. interest rates is a function of the difference between their inflation rates. C) The nominal rate of interest in the United States and the United Kingdom would be the same because of purchasing power parity. D) Investors would get a higher return on their money in the United States.