One reason the total sum of all five income categories does not equal GDP is that
What will be an ideal response?
taxes are generally larger than subsidies and the depreciation of capital is negligible.
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Industry concentration measures the extent to which
A) products are differentiated by the firms in the industry. B) the market is dominated by a small number of firms. C) the industry executives concentrate on their product. D) consumers are geographically concentrated.
Assume the market in the graph shown with demand D and supply S1 is in equilibrium at a quantity of 5 units. Producer surplus is:
A. $5.
B. $10.
C. $15.
D. $7.50.
New Source Performance Standards (NSPS)
a. were revoked by the Clean Air Act Amendments of 1990 b. are applicable to new and modified stationary sources c. are performance-based standards defined by the EPA d. are more lenient than emissions limits for existing sources e. none of the above
The idea that all potentially available alternatives can be ordered according to a consumer's preferences is called:
A. the consumption principle. B. the ranking principle. C. the choice principle. D. the more-is-better principle.