The factor distribution of income:
A. shows how much income people get from labor compared to land and capital.
B. refers to the pattern of income that people derive from different factors of production.
C. hasn't changed substantially in the last century in the United States.
D. All of these statements are true.
D. All of these statements are true.
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Explain the differences between "human capital," "financial capital," and "capital."
What will be an ideal response?
Answer the following statements true (T) or false (F)
1) If your firm has a random demand, producing at the level that maximizes your expected profit will earn the same profit as the profit-maximizing production level with a known demand. 2) If a firm's demand is random, the firm's price and profit are also random. 3) If a perfectly competitive firm has a random demand and known marginal cost, producing at a level that sets expected price equal to marginal cost minimizes the reduction in expected profit. 4) If a firm's demand is known, but has random costs, it cannot maximize its actual profit. 5) When both demand and cost are random, firms cannot maximize expected profit.
Imposing a quota on metal softball bats shipped into the United States would likely:
a. increase the price of the bats but decrease the total quantity of bats purchased in the United States. b. increase the price of the bats and the total quantity of bats purchased in the United States c. leave the price of the bats unchanged but decrease the quantity purchased in the United States. d. leave both the price of bats and the quantity purchased in the United States unchanged.
Hypothetical Production Schedule for a Two-Product Economy
A. 4 units of capital goods are gained, while the capacity to produce 32 consumer goods are lost.
B. 16 units of capital goods are gained at an opportunity cost of producing 40 consumer goods.
C. 16 units of capital goods are gained at an opportunity cost of producing 72 consumer goods.
D. 4 units of capital goods are gained, while the capacity to produce 72 consumer goods are lost.