Figure 10-1
At which point in is the economy experiencing an economic boom?
a.
A
b.
B
c.
C
d.
D
b
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When each stockholder incurs a tax liability on his or her share of the earnings of a corporation (whether or not the earnings are distributed), this is known as
A. being fully funded. B. full integration. C. full loss offset. D. fully imputed rent.
Answer the following statements true (T) or false (F)
1. The circular flow of income does not take into consideration nonprofit institutions. 2. The total payment of resource income in the economy is equal to the value or cost (including profit) of the output. 3. GDP is not only the value of total output, but it also indicates the total spending of consumers, businesses, governments, and international traders on these goods and services. 4. The circular flow represents the total level of output and income. 5. In the circular flow, services rendered by the resource owners are compensated through payments of wages, rent, interest, and profits.
Which of the following is most likely to be associated with a strong union?
a. The demand for the products produced by the unionized labor is highly elastic. b. There are few good substitutes for the products produced by the unionized labor. c. It is easy to substitute capital for the labor of the union members. d. Union labor composes a large proportion of the total cost of the product that they help produce.
Examples of graphs of a single variable include pie charts, bar graphs, and time-series graphs
a. True b. False Indicate whether the statement is true or false