Aggregate income is the sum of:
A. employee compensation, rent, and profits.
B. employee compensation, rent, profits, interest, and transfer payments.
C. employee compensation and profits.
D. employee compensation, rent, profits, and interest.
Answer: D
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If a consumer's demand curve as constant own-price elasticity of -2, the consumer's spending will fall as price increases.
Answer the following statement true (T) or false (F)
In the above figure, if the price is P1, the firm is
A) making an economic profit. B) incurring an economic loss. C) making zero economic profit. D) earning enough revenue to pay all of its opportunity costs.
A decrease in the price of rice from 50 cents to 40 cents a pound increases consumption from 16 to 20 tons a week in Gainesville and from 160 to 200 tons in the larger city of Miami. The elasticity of demand for rice is
a. greater in Miami than in Gainesville, even taking into account the population difference. b. greater in Gainesville than in Miami in spite of the population difference. c. equal in Gainesville and Miami regardless of the population difference. d. impossible to compare because of the population difference.
A significant slowdown in the growth of productivity persisted in the U.S. economy between
a. 1960 and 1973. b. 1973 and 1995. c. 1973 and 2015. d. 1995 and 2015.