Foreign income is defined to be income earned:
A. by a nation’s firms when they operate abroad.
B. when a domestic citizen works abroad.
C. on investments made abroad.
D. by those living outside a country.
D. by those living outside a country.
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What determines the revenue flows received by businesses?
A) an agency of the Federal government B) their ownership of factors of production, how much they sell in the factor markets, and the prices received when sold C) what they pay the factors of production they employ D) what they choose to produce, how much is sold, and the price received when sold E) financial institutions such as banks
Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a theater ticket. If the price of one ticket rises from $10 to $19
A) only three tickets will be sold. B) consumer surplus decreases from $31 to $6. C) no one will buy a ticket. D) consumer surplus increases from $44 to $71.
People buy insurance:
a. to defer consumption. b. to insure against poor health. c. because they are risk averse. d. to maximize their welfare. e. because of externalities.
Typically a firm's "economic profit" will be
What will be an ideal response?