The accounting identity for the economy's factor payments can be written as ____
a. GDP = wages + interest + rents + profits
b. GDP = consumption + investment + government + intermediate goods + net exports
c. GDP = wages + interest + rents + net exports
d. GDP = wages + interest + rents + saving + investment
a
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Approximately what percentage of food stamps are issued to individuals who are not entitled to them?
a. 5 percent b. 15 percent c. 25 percent d. 35 percent
A perfectly competitive firm maximizes profits or minimizes losses in the short-run by producing at the output level at which:
a. marginal revenue equals marginal cost. b. total revenue equals total cost. c. total revenue is at a maximum. d. none of these.
Rational individuals prefer to consume goods during the current year rather than in the future because of:
a. positive time preference. b. positive consumption preference. c. high expected rate of inflation. d. high market rate of interest.
Bonds are a form of debt
Indicate whether the statement is true or false