Precisely what is meant by economic income?
What will be an ideal response?
Economic income is anything that enhances your ability to command resources. The technical definition is the value of what you consume plus any change in the value of what you own: Economic income = consumption + change in net worth.
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An aggregate supply curve represents the relationship between the ________.
A. price level that producers are willing to accept and the price level buyers are willing to pay B. price level and the buying of real domestic output C. real domestic output bought and the real domestic output sold D. price level and the production of real domestic output
Using the data in the above table, in the short-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________
A) 105; $10 trillion B) 110; $10 trillion C) 110; $11 trillion D) 115; $10 trillion
The long-run average cost curve is tangent to the minimum point of every short-run average total cost curve
a. True b. False
Has the worry that international trade will cause horrible environmental conditions as companies rush to build factories in countries with low environmental regulation come true?
a. No, multinational companies have built factories to the standards in developed countries. b. No, multinational companies have not built factories in countries with low environmental regulations. c. Yes, multinational companies build factories that pollute much more than their factories in developed countries. d. Yes, multinational companies move their companies to countries with the lowest environmental regulations.