At macroeconomic equilibrium
What will be an ideal response?
total spending equals total production
You might also like to view...
Knowledge, skills, and experience that make an individual more productive and able to earn a higher income are known as:
A) mental capital. B) human capital. C) sweat equity. D) intangible capital.
Myron worked at a factory where he earned $20,000 per year. He quit his job and opened a bumper sticker business. After one year, his business earned $60,000 in sales revenue and he incurred $30,000 in direct business expenses. If he received no salary from the new business, what is his accounting profit?
a. $10,000 b. $20,000 c. $40,000 d. $30,000 e. $60,000
Monopolies are always large firms with great economies of scale
a. True b. False Indicate whether the statement is true or false
Capitalism is an economic system that:
a. Gives private individuals and corporations the right to own productive resources b. Gives the government the right to tax individuals and corporations c. Produces more consumer goods than capital goods d. Produces more capital goods than consumer goods