Corporate profits account for the largest portion of U.S. national income.
Answer the following statement true (T) or false (F)
False
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If AVC=$5 and AFC=15, then ATC=
a. $10 b. $5 c. $15 d. $20
A competitive firm facing a perfectly elastic demand curve can: a. increase price without losing any sales
b. sell all of its output at any price it chooses. c. sell all of its output at the market price. d. sell more output only by reducing its price.
An economic model is
a. a concrete representation of reality b. as close to reality as possible c. too abstract to be useful when assumptions are involved d. unrelated to reality e. an abstract representation of reality
Answer the next question based on the following data. All figures are in billions of dollars.Disposable income$200Net private domestic investment40U.S. imports15National income300Personal taxes31Net exports9Gross private domestic investment55Net foreign factor income10Statistical discrepancy0This nation's exports are ________.
A. $28 billion B. $16 billion C. $9 billion D. $24 billion