Approximately what fraction of total income in the US economy comes from labor earnings?
2/3
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Rent seeking refers to
a. what landlords do b. looking for an apartment c. capturing the economic results of government-created scarcity d. all profit-making activity e. all of the above
The Federal Reserve banks could probably have prevented many of the bank failures in the early 1930s by: a. raising the reserve requirement of the commercial banks
b. lending money to the commercial banks. c. improving the system whereby checks are cleared. d. helping to create a commission of experts to engage in a prolonged study of the problem. e. selling large amounts of government bonds.
Which of the following is not included in the current account?
A. exports of goods B. imports of goods C. U.S. capital inflow and outflow D. unilateral transfers
When Firm X doubled its output, it was found that its cost per unit declined by 10 percent. It can be concluded that
A. the firm was facing external scale diseconomies. B. the firm was operating on the inelastic portion of the demand curve. C. the firm was enjoying internal scale economies. D. the marginal cost of production at the initial output level was constant.