The income that people earn in resource or factor markets is called:
A. national income.
B. personal income.
C. disposable personal income.
D. transfer payments.
Answer: A
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Suppose the majority of the shares of Yahoo stock were sold to an Italian firm. Other things equal, this will
A) increase the balance of the U.S. current account. B) increase the balance of the U.S. financial account. C) create a capital outflow in the United States. D) decrease net portfolio investment in the United States.
The rapid rise in oil prices during 2007-2008 can be explained by noting the fact that
a. the supply of oil increased more rapidly than the demand for oil increased b. the demand for oil increased more rapidly than the supply for oil increased c. the demand for oil decreased at the same time that the supply of oil increased d. the quantity demanded of oil increased more rapidly than the quantity supplied of oil increased e. the quantity supplied of oil increased more rapidly than the quantity demanded of oil increased
If someone earned $25 million a year acting on a sitcom, the chances are that _____ of that $25 million would be economic rent.
A. none B. a small part C. a large part D. all
Property owned by everyone is generally referred to as
A) social property. B) free property. C) common property. D) natural property.