When considering the factor distribution of income, into whose income would corporate profits be included?
A. Owners of physical capital
B. Owners of human capital
C. Proprietors
D. Workers.
A. Owners of physical capital
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Well-defined property rights give entrepreneurs the incentive to
A) engage in risky business endeavors in order to accumulate future wealth. B) use the eminent domain laws to seize property for public use. C) lobby Congress in order to increase environmental regulations. D) evade taxes.
A market with easy entry could include
A) perfect competition. B) monopolistic competition. C) an oligopoly. D) a. and b. are possible
Which of the following best describes a production function?
a. The relationship between the quantity of labor employed and total cost. b. The relationship between consumer preferences and market demand. c. The relationship between price and quantity supplied by sellers in a market. d. The relationship between the amount of resources employed and the total output produced by a firm.
A surplus occurs whenever
A) price is below the equilibrium price. B) price is above the equilibrium price. C) price is equal to the equilibrium price. D) the supply curve is downward sloping.