The income earned by the people who sell the services of the factor of production ________ is called ________
A) capital; rent
B) entrepreneurship; wages
C) land; profit
D) entrepreneurship; profit
D
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Which adjustment(s) must be made to convert net domestic product to GDP? i. add indirect taxes ii. subtract subsidies iii. add depreciation
A) i and iii only B) i, ii and iii C) ii only D) iii only E) i and ii
Political freedom seems to be ________ important to growth than economic freedom
A) less B) more C) equally D) critically
"In the long run, a perfectly competitive firm's average total cost is always below the market clearing price." Agree or disagree? Why?
What will be an ideal response?
(Consider This) If wages were more downwardly flexible, then we would expect:
A. fewer layoffs during recessions. B. more layoffs during recessions. C. more severe recessions. D. no business cycle fluctuations.