The largest source of household income in the United States is:
A. rental income.
B. stock dividends.
C. interest earnings.
D. wages and salaries.
Answer: D
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If the price of a normal good falls, what happens to the quantity demanded of that good?
What will be an ideal response?
Refer to Scenario 7.3 below to answer the question(s) that follow. SCENARIO 7.3: Upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of $60,000 annually. Last year you earned a total revenue of $100,000. Rent and supplies last year were $50,000. Refer to Scenario 7.3. Your annual operating profit is
A. -$10,000. B. $40,000. C. $50,000. D. $100,000.
In the economic way of thinking, bald eagles are a scarce good. Thus,
A) the bald eagle population can be maintained at no cost. B) the bald eagle population should be maintained at any cost. C) there are substitutes for bald eagles. D) there are no substitutes for bald eagles. E) economists don't like bald eagles.
A higher domestic price level lowers aggregate expenditures and, therefore, shifts the aggregate demand curve to the left
a. True b. False Indicate whether the statement is true or false