Judging from the table showing income inequality in the United States, the Great Depression and new social programs of the 1930s, plus the impact of World War II, caused the proportion of income earned by the wealthiest Americans to ______.
a. drop significantly
b. drop slightly
c. rise slightly
d. rise dramatically
a. drop significantly
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The president of a company is told that the fixed costs next year will be higher than anticipated. Even so he has told his operations managers that this should not affect their production levels. Comment on this statement
What will be an ideal response?
If an increase in income leads to a decrease in the demand for salami, then salami is
A) a necessity. B) a neutral good. C) a normal good. D) an inferior good.
Which of the following is an implicit cost of production?
A) interest paid on a loan to a bank B) wages paid to labor plus the cost of carrying benefits for workers C) the utility bill paid to water, electricity, and natural gas companies D) rent that could have been earned on a building owned and used by the firm
If we hold ideas, education, and labor constant, then output (GDP) is a function of
A) human capital. B) physical capital. C) the skill of labor. D) research capital.