Which type of income contributes the smallest share to total income in the U.S.?
A. Wages
B. Interest
C. Rent
D. Profits
C. Rent
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What effect does an increase in the price of the firm's output have on its demand curve for labor? Why?
What will be an ideal response?
Conditions that likely contributed to a credit crunch during the global financial crisis include
A) capital shortfalls caused in part by falling real estate prices. B) regulated hikes in bank capital requirements. C) falling interest rates that raised interest rate risk, causing banks to choose to hold more capital. D) increases in reserve requirements.
Using Figure 2 below, suppose that the economy started at PAE2. A potential change that could cause the economy to go from PAE2 to PAE3 might be:
A. consumption spending increases.
B. investment decreases.
C. imports increase.
D. exports decrease.
The level of detail in an economic model
a. is as close as possible to the level of detail in reality b. depends on the purpose of the model c. is as complex as possible d. is the same regardless of the purpose of the model e. is as complex as possible to accomplish its purpose