The income that people earn in resource or factor markets is called:
a. national income.
b. personal income.
c. disposable personal income.
d. transfer payments.
e. net national product.
a
You might also like to view...
If the government drafts people into the armed forces rather than persuading them to volunteer
A) it conceals in part the cost to its citizens of obtaining military personnel. B) it employs a nondiscriminatory system because everyone drafted incurs the same cost and can be paid the same wage. C) it must pay higher wages since many people resent the draft. D) it reduces the cost to the nation as a whole of obtaining military personnel. E) it tends to obtain people with the lowest opportunity costs.
The Illyrian economy has 1000 people in the labor force. 100 people don't have jobs but are searching for work, another 100 people would like to have jobs but quit searching because of poor job prospects, and another 100 people don't work and don't
want to work. What's the rate of unemployment? A) 10 percent B) 20 percent C) 30 percent D) 100 percent E) None of the above.
Resource X is necessary to the production of good Y. If the price of resource X rises,
A) the supply curve of Y shifts leftward. B) the supply curve of Y shifts rightward. C) the supply curve of Y is unaffected. D) there is a movement down the supply curve of Y. E) there is a movement up the supply curve of Y.
What were some of the key features in terms of fiscal policy of the Stability and Growth Pact signed in 1997 by would-be members of the Euro?
What will be an ideal response?