Which of the following qualify as part of our economy's capital income?
a. wages paid to workers
b. interest paid to the owners of corporate bonds
c. rent paid on farmland
d. All of the above are correct.
b
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What is the relationship between marginal revenue and total revenue?
A. Total revenue equals marginal revenue multiplied by quantity sold B. Total revenue equals marginal revenue minus total costs C. Total revenue equals marginal revenue plus the price of all products sold D. Total revenue equals marginal revenue plus fixed costs plus variable costs
Do all valuable items have price tags?
a. No, because some valuable items have no opportunity cost. b. Yes, because everything has its price. c. Yes, because price is the measure of opportunity cost. d. No, some have no explicit price on them. e. Yes, because only items that can be sold in markets have value.
An increase in the MPC
a. increases the multiplier, so that changes in government expenditures have a larger effect on aggregate demand. b. increases the multiplier, so that changes in government expenditures have a smaller effect on aggregate demand. c. decreases the multiplier, so that changes in government expenditures have a larger effect on aggregate demand. d. decreases the multiplier, so that changes in government expenditures have a smaller effect on aggregate demand.
If wages are sticky, then a smaller than expected increase in the price level
a) reduces the real costs of production, so the aggregate quantity of goods and services rises. b) raises the real costs of production, so the short-run aggregate supply curve shifts left. c) reduces the real costs of production, so the short-run aggregate supply curve shifts right. d) raises the real costs of production, so the aggregate quantity of goods and services declines.