The total amount of income earned by U.S. resource suppliers in a year, plus taxes on production and imports, is measured by:
a) gross domestic product.
b) national income.
c) personal income.
d) disposable income.
b) national income.
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If fixed costs do not change, then marginal cost
A) equals the change in variable cost divided by the change in output. B) also remains constant. C) equals the change in average fixed cost divided by the change in output. D) equals the change in average variable cost divided by the change in output.
The use of large amounts of labor relative to capital in an economy indicates: a. labor-intensive production
b. capital-intensive production. c. that wage rates will be relatively high. d. that hand-made goods are of better quality than machine-made goods.
When a household's disposable income falls to zero, what do we expect will happen?
A. The household's consumption spending also falls to zero. B. The household will maintain a positive level of saving. C. Consumption will fall to the level of autonomous consumption. D. The household will maintain its previous level of consumption.
Refer to the payoff matrix below. Which of the following is the pure -strategy Nash Equilibrium?
A) Set High Price/Set Low Price
B) Set Low Price/Set High Price
C) Set High Price/Set High Price
D) Set Low Price/Set Low Price