The largest component of national income is:
A. compensation of employees.
B. rents.
C. interest.
D. corporate profits.
A. compensation of employees.
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Everything else the same, if income in Japan rises while income in the U.S. remains unchanged,
a. the supply of dollars in the foreign exchange market will increase. b. the demand for yen in the foreign exchange market will decrease. c. the supply of yen in the foreign exchange market will decrease. d. the demand for dollars in the foreign exchange market will increase. e. the demand for dollars in the foreign exchange market will decrease.
GATT is the acronym (or abbreviation) for:
a. the General Agreement on Taxes and Tariffs. b. the General Agreement on Tariffs and Trade. c. the General Agreement on Trade and Taxes. d. the General Agreement on Trade.
Exhibit 8-10 Price and cost data for a firm Q P AVC ATC MC 0 $12 ? ? ? 1 12 3 5 5 2 12 5 6 7 3 12 7.3 8 12 4 12 9.5 10 16 In Exhibit 8-10, the maximum possible total profit is:
A. $36. B. $24. C. $12. D. $8.
Which of the following statements about a perfectly competitive market are TRUE?
I. The perfectly competitive industry faces an upward sloping labor supply curve. II. The individual firm in a perfectly competitive industry faces a perfectly elastic labor supply curve. A) I only B) II only C) both I and II D) neither I nor II