The portion of NI in the United States that takes the form of compensation of employees amounts to
a. less than one-fourth.
b. approximately one-third.
c. approximately one-half.
d. approximately three-fifths.
d. approximately three-fifths.
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Under which of the following conditions will a profit-maximizing perfectly competitive firm shut down in the short run?
A) when it is making a normal profit B) whenever its marginal cost is less than its marginal revenue C) when the price is less than its minimum average variable cost D) whenever its total cost is greater than its total revenue E) when the price is less than its minimum average total cost
The above figure shows the utility of wealth curve for a homeowner whose only possession is a $50,000 house. If there is a 20 percent chance that the home could be entirely destroyed, what is the person's cost of risk?
A) $10,000 B) $20,000 C) $30,000 D) $40,000
An efficient economy:
a. uses available resources fully. b. uses the best division of labor. c. produces an output combination at some point along the production possibility curve. d. all of these.
Historically, predictions of scarcity have been proven wrong because
a. the world population has unexpectedly decreased. b. modern humans survive on much less food than those of past eras. c. developed nations have consistently come to the aid of undeveloped nations. d. agricultural and economic productivity have kept up with population growth.