National income is the sum of employee compensation, profits, and the following items, except:
A.
Rent
B.
Interest
C.
Depreciation or consumption of fixed capital
D.
Taxes on production and imports
C.
Depreciation or consumption of fixed capital
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A stronger dollar leads to lower input prices for U.S. firms because
A) U.S. workers are willing to work for less pay because of the stronger dollar. B) U.S. producers of intermediate goods lower prices in order to benefit from the stronger dollar. C) both exports of raw materials and intermediate goods are lower in prices. D) both imports of raw materials and intermediate goods are lower in prices.
In order to extract the entire consumer surplus, a firm should set prices exactly equal to the price that an individual actually pays
a. True b. False Indicate whether the statement is true or false
Both liberal and conservative economists believe that:
A. that people make choices without reasoning. B. economic incentives are important. C. people are little influenced by sociological effects. D. they have nothing in common.
Which is true of pure competition but not of monopolistic competition?
A. There are no significant barriers to entry B. Long-run economic profits are zero C. There are a large number of firms in the market D. Long-run equilibrium occurs at the minimum point on the ATC curve