The largest source of income for most people is:
A. income from interest in savings accounts.
B. wages earned at work.
C. rental income from properties that they own.
D. investment income.
B. wages earned at work.
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Compared to free trade, a ban on imports of a good
A) increases the domestic price of the good. B) decreases consumer surplus. C) results in a deadweight loss. D) All of the above.
Total cost divided by quantity of output is
a. average variable cost b. average total cost c. average fixed cost d. marginal cost e. total variable cost
Which is considered to be an economic resource by economists?
A. Rent B. Labor C. Money D. Wages
If you want to earn a real interest rate of 3% on money you lend and you expect that inflation will be 2%, what nominal rate of interest will you charge?
A) 1% B) 5% C) 6% D) 9%