That portion of corporate profits which is included in personal income is:
A. Dividends
B. Corporate income taxes
C. Consumption of fixed capital
D. Undistributed corporate profits
A. Dividends
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As more workers are hired, the marginal physical product of labor eventually declines because
A) less efficient workers are hired as the number of workers increases. B) workers do not work well together when the number of workers increases. C) the amount of capital each worker has to work with declines as the number of workers increases. D) of diseconomies of scale.
How do you explain why income inequality in the United States has been increasing? a. New technologies raise the MRP of educated workers, while having no (or a much smaller effect) on the MRP of uneducated workers
b. The MRP of rich workers increases more slowly than the MRP of poor workers. c. The labor supply of poor workers shifts to the left, while the labor supply of rich workers shifts to the right. d. Many talented U.S. workers, earning high incomes, are lured away by firms located in other countries that are paying considerably higher wage rates. e. Minimum wage laws have raised the minimum wage rates.
The prisoner's dilemma is a game of strategy:
A. in which people make rational choices that lead to the ideal result for all. B. that leads everyone to be as well off as possible without making another worse off. C. in which people make rational choices that lead to a less-than-ideal result for all. D. that leads people to make irrational choices that lead to the ideal result for all.
In a perfectly competitive market,
A. all firms produce and sell a standardized or undifferentiated product. B. firms are price-setters. C. the output sold by a particular firm may be quite different from the output sold by the other firms in the market. D. it is difficult for new firms to enter the market due to barriers to entry.