Most of the total income earned in the U.S. economy is ultimately paid to
a. landowners in the form of rent.
b. owners of capital in the form of interest.
c. households in the form of wages and fringe benefits.
d. households in the form of welfare, disability, and Social Security payments.
c
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Which of the following statements describes the presence of diminishing returns? All else equal,
a. Marginal product curve is constant b. Marginal product curve is falling and negative c. Marginal product curve is positive and rising d. Marginal product curve is positive and falling
The equilibrium quantity in markets characterized by oligopoly is
a. higher than in monopoly markets and higher than in perfectly competitive markets. b. higher than in monopoly markets and lower than in perfectly competitive markets. c. lower than in monopoly markets and higher than in perfectly competitive markets. d. lower than in monopoly markets and lower than in perfectly competitive markets.
When a country exports fewer goods and services than it imports, this is called
A. the terms of trade. B. the exchange rate. C. a balance of trade deficit. D. a balance of trade surplus.
An example of an excludable good or service is a:
A. city park. B. movie in a theater. C. levee system. D. rainbow.