Which factor of production earns the highest percentage of total U.S. in-come? Define that factor of production. What is the income earned by this factor of production called?
What will be an ideal response?
Labor earns by far the largest percentage of total U.S. income, 69 percent of total income in 2011 . Labor consists of the work time and the work effort that people devote to producing goods and services. The income earned by labor is a wage.
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
The way in which growth occurs affects the pattern of trade of a country
Indicate whether the statement is true or false
Between 1979 and 2009, ________ real GDP per capita was less than that of ________
a. the United States'; Japan b. the United States'; the United Kingdom c. the United States'; France d. Canada's; Germany
When the price level falls
a. the interest rate rises, so the quantity of goods and services demand rises. b. the interest rate rises, so the quantity of goods and services demand falls. c. the interest rate falls, so the quantity of goods and services demand rises. d. the interest rate falls, so the quantity of goods and services demand falls.