The largest single share of all income earned by Americans consists of:
A. wages and salaries.
B. interest.
C. rents.
D. corporate profits.
Answer: A
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The economic optimum production level for a common property resource occurs where
a. Total revenue equals total costs b. Average revenue equals marginal cost c. Average revenue equals average cost d. Marginal revenue equals total costs e. Marginal revenue equals marginal cost
In this graph, what is different about equilibrium levels E1 and E3 compared to e2?
a. Price levels are higher at both E1 and E3 than at e2.
b. Price levels are lower at both E1 and E3 than at e2.
c. Level e2 is sustainable, whereas levels E1 and E3 are not.
d. Levels E1 and E3 are both sustainable, whereas e2 is not.
List four protectionist policies.
What will be an ideal response?
Long-run aggregate supply curve in the classical model
A. is the level of real GDP corresponding to 100 percent labor force participation. B. is the level of real GDP corresponding to the natural rate of unemployment. C. is determined by the capital stock of the economy, not the labor force. D. is a downward sloping line.