Who receives income from capital in the United States?
a. bank depositors
b. bondholders
c. stockholders
d. All of the above are correct.
d
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Using Figure 10.1 above is it possible to determine the price that this product is selling for if it is being sold in a competitive market? If so what is that price?
What will be an ideal response?
A lower price elasticity of demand coefficient occurs when:
a. many substitutes exist. b. the quantity demanded is more responsive. c. few substitutes exist. d. the market is broadly defined.
In 2006, McDonald's introduced the "Snack Wrap" and it turned out to be a successful product. In the marketplace for fast-food products, this success would be an example of:
A. derived demand. B. roundabout production. C. medium of exchange. D. consumer sovereignty.
In the above table, what is the average variable cost to produce 2 units of output?
A. $60 B. $20 C. $55 D. $25