The largest component of aggregate income is:
A. rents.
B. interest.
C. employee compensation.
D. profits.
Answer: C
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If the government set a price at $16, there would be price __________, that would cause a ___________ of ______ units.
A. floor; shortage; 10
B. floor; surplus; 10
C. ceiling; shortage; 10
D. ceiling; surplus; 10
The World Bank defines severe poverty as
A. An income level of less than $3.10 per person per day. B. An income level that does not allow an individual to buy basic necessities. C. An income level of less than $1.25 per person per day. D. An extreme lack of food.
The problems of externalities and poorly formed property rights are:
A. better solved by private rather than government action. B. the only two legitimate reasons for creating government. C. among several rationales for the existence of government. D. minor in modern economies.
Which of the following is an example of representative money?
(A) An IOU note (B) Gold earrings (C) A fur coat (D) Diamonds