Which of the following is the largest component of national income?
A. net interest
B. corporate profits
C. rental income
D. compensation of employees by firms
Answer: D
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If total output increases from $1 trillion to $2 trillion as population increases from 100 million to 200 million, then output per person:
A. remains constant. B. doubles. C. decreases D. increases, but by less than 100 percent.
Which of the following would be shown on IBM's accounting statement?
a. revenue, implicit costs, explicit costs, and economic profit b. revenue, implicit costs, explicit costs, and accounting profit c. revenue, explicit costs, and economic profit d. revenue, explicit costs, and accounting profit e. revenue, implicit costs, and accounting profit
In a perfectly competitive market the term "price taker" applies to
A) sellers and buyers.
B) sellers but not buyers.
C) buyers but not sellers.
D) only the smallest sellers and buyers.
Which form of intellectual property protects an inventor?
A. Patent B. Copyright C. Trademark D. Copymark