What percentage of United States personal income in 2017 came from ownership of property?
A. 9%
B. 28%
C. 51%
D. 64%
Answer: B
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The size of the expenditure multiplier is influenced by
i. the marginal propensity to consume. ii. autonomous spending. iii. the marginal tax rate. A) i only B) ii only C) iii only D) i and iii E) ii and iii
The labor theory of value
A) is what economists believe determines prices today. B) says that wages must always be greater than prices. C) says that the price of a good is determined by the amount of labor required to produce it. D) All of the above.
Assume the demand function for good X can be written as Qd = 80 - 3Px + 2Py + 10I where Px = the price of X, Py = the price of good Y, and I = Consumer income. This equation implies that X and Y are substitutes
Indicate whether the statement is true or false
Government goods are provided to the consumer at a zero price. This means that
A) the cost to society is zero. B) the political system is run by proportional rule. C) people are getting something for nothing. D) the cost of the goods is the value of the resources used to produce the good.