In the U.S. economy, labor earnings make up about
a. one-half of total income.
b. two-thirds of total income.
c. three-fourths of total income.
d. nine-tenths of total income.
b
You might also like to view...
Suppose the price of a DVD is $15 per unit. At that price, consumers wish to purchase 6,000 units weekly and producers wish to sell 4,000 units weekly. In this situation,
a. unsatisfied consumers will bid up the market price. b. the market price will fall because producers are unsatisfied. c. the price will rise and the demand will fall to bring the market to equilibrium. d. supply will increase by 2,000 units in order to satisfy consumers.
According to the data in the table above,
A) the standard of living worsened between year 1 and year 2. B) the standard of living improved between year 1 and year 2. C) real GDP grew more slowly than population between year 1 and year 2. D) as measured by real GDP per person, the standard of living remained the same between year 1 and year 2. E) real GDP grew more rapidly than population between year 1 and year 2.
All economically efficient production plans are technologically efficient.
Answer the following statement true (T) or false (F)
A ________ is a formal organization of producers who agree on anticompetitive actions
A) duopoly B) cartel C) monopoly D) partnership