Payments for the use of land and buildings are included in aggregate accounting as:
A. employee compensation.
B. profits.
C. rents.
D. interest.
Answer: C
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Surplus refers to:
A. the difference between the price at which a buyer or seller would be willing to trade and the actual price. B. the difference between the willingness to pay and the actual price paid. C. the difference between the willingness to sell and the actual price accepted. D. All of these are true.
Economies of scale exist whenever long-run average costs:
a. Increase as output is increased b. Remain constant as output is increased c. Decrease as output is increased d. Decline and then rise as output is increased e. None of the above
If marginal revenue is less than price for a firm, it must be true that the firm
a. is a monopoly b. is in perfect competition c. is in monopolistic competition d. faces a perfectly elastic demand curve e. faces a downward-sloping demand curve
The intertemporal substitution hypothesis suggests that hours of work should
A. be greatest during peak wage years. B. steadily decrease with age. C. increase immediately prior to retirement. D. steadily increase with age. E. be greater for women than for men.