In the United States, which factor of production earns the largest share of the nation's total income?
What will be an ideal response?
The largest fraction of the nation's total income is earned by labor. In the United States, wages paid to labor account for about 69 percent of the nation's total income.
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The form of economic organization in which individuals may own private property but in which the government owns and operates productive resources is called
A) communism. B) capitalism. C) socialism. D) utilitarianism.
Lindahl prices for collective consumption goods are _____
a. are sufficient to achieve political agreement on the optimal level of output b. are necessary to achieve political agreement on the optimal level of output c. are sufficient for economic efficiency d. are necessary for economic efficiency
All of the following will cause the supply curve of good A to shift rightward EXCEPT
A) a reduction in the prices of inputs used to produce good A. B) an increase in the number of firms in the industry producing good A. C) a decrease in the per-unit tax on good A which producers must pay. D) an increase in the market price of good A.
The actions of a miser benefit ____ and the actions of a philanthropist benefit ____
a. a select few; a wide range of individuals b. a wide range of individuals; a select few c. a wide range of individuals; a wide range of individuals d. a select few; a select few