When considering the factor distribution of income, which of the following income is represented as proprietor income?
A. Rent for capital.
B. Interest for loans on capital.
C. Labor or capital factors that proprietors put into their businesses
D. Wages for workers
C. Labor or capital factors that proprietors put into their businesses
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The fact that resources tend to be specialized is one reason the production possibilities frontier is drawn
A. bowed outward. B. bowed inward. C. as a straight line (but not horizontal). D. as a horizontal straight line.
Summing up governmental intervention in the pricing of goods, we can say it
a. occurs only under wartime conditions b. has grown considerably during the past two decades and now characterizes the majority of our markets c. has peaked in the 1970s and now has only a shadow of its former influence d. occurs in relatively few markets because most market prices are determined by the forces of demand and supply e. occurs only in the production of farm goods
The government giving the ownership of a pond to a citizen to reduce over fishing is a method to prevent _____
a. the free rider problem b. the tragedy of the commons c. asymmetric information d. deadweight loss
A firm has achieved technological efficiency whenever it has
A) fully depreciated all its assets. B) produced the given output using the fewest inputs. C) produced the given output at the lowest cost. D) all of the above.