Since 1900, the relative share of "wages & salaries, plus proprietors' income" in the total income earned by Americans in a typical year has been about:
A. 20 percent
B. 50 percent
C. 80 percent
D. 95 percent
C. 80 percent
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Marginal revenue product is essentially the additional revenue generating from selling one additional unit of output.
Answer the following statement true (T) or false (F)
One reason why a monopolist might be able to provide greater output at lower costs than other market structures is that some monopolists
a. earn exceptional profit which allows them to lower price and costs b. produce high volume output which allows them to capture economies of scale so that their ATCs are lower c. have high market share which allows them to raise price and lower cost at the same time d. exploit their labor force by offering low wage rates so that costs are lower e. do not advertise, thereby reducing costs
If policymakers decrease aggregate demand, then in the long run
a. prices will be lower and unemployment will be higher. b. prices will be lower and unemployment will be unchanged. c. prices and unemployment will be unchanged. d. None of the above is correct.
Suppose that an increase in a nation's income causes the nation's residents to buy more domestic and foreign goods. Given this, if U.S. residents experience an increase in income, but Mexican residents do not, it is likely that, ceteris paribus,
A) both the U.S. dollar and the Mexican peso will depreciate. B) both the U.S. dollar and the Mexican peso will appreciate. C) the U.S. dollar will depreciate and the Mexican peso will appreciate. D) the U.S. dollar will appreciate and the Mexican peso will depreciate.