The sum of wages and salaries, interest, rent, and profits equals
A. net national product.
B. national interest.
C. gross national product.
D. national income.
Answer: D
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
(Last Word) In 2000, Microsoft was fined $2.7 billion for
For a perfectly competitive firm, any price below its minimum AVC is a
A) market price. B) shutdown price. C) profit maximizing price. D) negative price.
Good weather in wheat-producing regions of the world increased the wheat crop. As a result, wheat prices decreased worldwide. Which of the following statements best explains the situation?
a. The supply of wheat increased b. The demand for wheat decreased c. The demand for wheat decreased and the supply of wheat decreased d. The demand for wheat increased and the supply of wheat increased