Which is a correct match of an economic resource and payment for that resource?
a. Labor and interest income
b. Capital and profit
c. Land and rental income
d. Entrepreneurial ability and wages
c. Land and rental income
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________ can trigger a recession
A) A decrease in autonomous expenditure B) An increase in autonomous expenditure C) An increase in induced expenditure D) Equality between aggregate expenditure and real GDP E) An increase in the expenditure multiplier
The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour. The minimum wage ________ the employers' surplus by ________ million per year
A) decreases; $60 B) decreases; $120 C) increases; $40 D) increases; $100
Mike has been unemployed for over a year. He hasn't looked for a job in the last three months, but he's just started looking for work again. Because Mike started looking for a new job,
A) the labor force participation rate decreased. B) the unemployment rate increased. C) the unemployment rate decreased. D) the working-age population increased.
For the firm's cost minimization problem, one of the key assumptions for each input is that:
A) marginal product is constant. B) marginal product is increasing at a decreasing rate. C) marginal product is increasing at an increasing rate. D) marginal product is decreasing at an increasing rate.