When comparing the distribution of wealth to the distribution of income, it can be noted that
A) the distributions are about the same.
B) the measurement of income is much less accurate than the measurement of wealth.
C) the measurement of wealth is much less accurate than the measurement of income.
D) wealth does not generate income.
Answer: C
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The opportunity cost of a good increases as more of it is produced because
A) producing more of a good requires additional resources. B) the number of forgone alternatives also increases. C) resources are not equally productive in all activities. D) people want the good less as more is produced. E) there is no such thing as a free lunch.
In the long run, the inflation rate
A) must be equal to the natural unemployment rate. B) can take on any value. C) is equal to the natural inflation rate. D) is zero. E) cannot be negative.
Profit is the factor price for ________
A) capital B) land C) entrepreneurship D) labor
In the short run, a firm will
A) not produce if its total revenue does not cover its total cost. B) produce and incur an economic loss if its total revenue covers its total variable cost but not its total cost. C) produce and break even if its total revenue covers its total fixed cost but not its total variable cost. D) produce and earn an economic profit if its total revenue is equal to its total cost.