Which of the following would not be included as part of personal income?
a. Welfare benefits
b. Food stamps distributed by the government
c. Social security benefits
d. Indirect business taxes
e. Corporate dividend payments to stockholders
d
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Economists assume that households and firms share two important characteristics. One of these characteristics is that
A) they smooth spending during recessions and expansions. B) they act rationally to meet their objectives. C) they only consider the present when making decisions. D) the growth rate in spending by each is equally volatile.
Use the information in the above table. The top 40 percent of the population earn
A) 66.7 percent of the income. B) 55.5 percent of the income. C) 50.0 percent of the income. D) 44.4 percent of the income.
A perfectly elastic demand curve has a price elasticity of demand coefficient of:
a. zero. b. 1. c. greater than 1, but less than infinity. d. less than 1, but greater than zero. e. infinity.
Accounting profit differs from economic profit because:
a. of differences in the manner in which revenue is calculated. b. economic costs include depreciation, while accounting costs do not. c. accounting costs are generally higher than economic costs because accounting costs include explicit and implicit costs, while economic costs include only explicit costs. d. economic costs are generally higher than accounting costs because economic costs include all opportunity costs, while accounting costs include explicit costs only.