National income (NI) is the total income earned by resource owners, including wages, rents, interest, and profits
a. True
b. False
Indicate whether the statement is true or false
True
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In the above figure, the opportunity cost of moving from producing 50 guitars and 50 ukuleles to producing 25 guitars and 75 ukuleles is
A) 25 guitars. B) 75 ukuleles. C) 25 ukuleles. D) 50 guitars.
With a tax of zero dollars, equilibrium occurs at
Suppose the supply of labor is W – t = 10H, where W is the gross wage, t is the tax (in dollars), and H is labor hours. The demand for labor is W = 120 – 2H. a) H = 10, W = 100 b) H = 9, W = 90 c) H = 8, W = 80 d) H = 7, W = 70 e) H = 6, W = 60
Internal market forces include all of the following except
A. Innovation. B. Trade disruptions. C. Population growth. D. Spending behavior.
Assume that the market for cage-free eggs is perfectly competitive. All else equal, as more farmers choose to produce and sell cage-free eggs, what is likely to happen to the equilibrium price of the eggs and profits of these farmers in the long run?
A) The equilibrium price is likely to increase and profits are likely to remain unchanged. B) The equilibrium price is likely to remain unchanged and profits are likely to increase. C) The equilibrium price is likely to decrease and profits are likely to decrease. D) The equilibrium price is likely to increase and profits are likely to increase.