The income paid to labor is called
A) rent.
B) profit.
C) interest.
D) human capital.
E) wages.
E
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Jim is haggling with a car dealer, along with another customer, over the sale price of a used car. When he entered the store, the storekeeper was already haggling with the other customer. His bargaining position would improve if
a. The other customer leaves b. He receives an offer from a competing car dealer c. He can make it clear that he will leave if his offer isn't accepted d. All of the above
Diminishing marginal returns are the reason why some industries have positively-sloped long-run average cost curves
a. True. b. False.
Raising taxes or increasing transfer payments would reduce total spending
a. True b. False Indicate whether the statement is true or false
The Lorenz curve shows the percentage of total income received by a given percentage of recipients whose incomes are arrayed from largest to smallest
Indicate whether the statement is true or false