In the factor payments approach, owners of land receive
a. wages
b. user fees
c. rent
d. interest
e. profit
C
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In the graph of the Solow growth model, at any point to the right of the steady-state intersection we have national saving per person ________ than steady-state investment per person, causing (K/N) to ________
A) greater, increase B) greater, decrease C) less, increase D) less, decrease
Today, the full-employment unemployment rate in the United States is generally agreed to be
a. 2 to 3 percent. b. 3 to 4 percent. c. 4 to 5 percent. d. 5 to 6 percent.
In Figure 1.3, a shift of the production possibilities curve from PP1 to PP2 could be caused by
A. A decrease in the quantity of raw materials available. B. The use of improved production technology. C. A decline in the production skills of workers. D. All of the choices are correct.
If you advertise and your rival advertises, you each will earn $3 million in profits. If neither of you advertises, you will each earn $7 million in profits. However, if one of you advertises and the other does not, the firm that advertises will earn $10 million and the non-advertising firm will earn $1 million. If you and your rival plan to be in business for only one year, the Nash equilibrium is for your firm:
A. and your rival not to advertise. B. and your rival to advertise. C. not to advertise and your rival to advertise. D. to advertise and your rival not to advertise.