The distribution of income in the United States has grown substantially more unequal since about:
a. 1970
b. 1980
c. 1990
d. 2000
b
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Which of the following is included in the category of corporate profits when measuring GDP?
I. Profits paid as dividends. II. Undistributed profits. III. Income received by owners and operators of businesses. A) I only B) I and II C) I and III D) I, II and III
Tariff revenues are an important generator of revenue in less-developed countries
a. True b. False
If the cross-elasticity of demand for bacon with respect to price of beefsteak is positive, then:
a. an increase in the price of beefsteak will shift the demand curve for bacon outward. b. a decrease in the price of beefsteak will shift the demand curve for beefsteak outward. c. an increase in the price of bacon will shift the demand curve for beefsteak inward. d. a decrease in the price of bacon will shift the demand curve for beefsteak outward.
Production indifference curves bow inward toward the graph's origin because of
a. the law of diminishing returns to a single input. b. the law of diminishing marginal returns to scale. c. constant returns to scale. d. minimizing costs in the short run.