Total income
A. includes only wages received by workers.
B. is the yearly amount earned by owners of the nation's resources.
C. excludes profits.
D. includes only wages and interest payments.
Answer: B
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According to the AS-AD model, when real GDP is less than potential GDP, the unemployment rate is definitely
A) equal to the natural unemployment rate. B) rising. C) falling. D) greater than the natural unemployment rate. E) less than the natural unemployment rate.
Suppose TC = 10 + (0.1 ? q2). If p = 10, the firm's profits will be
A) 240. B) 250. C) 260. D) -10 because the firm will shut down.
When a monopoly is created through government franchise,
a. the firm is assured of above-normal profit b. it is subject to government price regulation c. the firm will discontinue any rent-seeking activity d. price discrimination is forbidden e. the government prevents both entry and exit in the long run
A colluding oligopoly will face market demand and produce up until the point at which
A. P = MR = MC. B. P < MR > MC. C. P > MR = MC. D. P < MR = MC.