FICA taxes and corporate retained earnings are subtracted from national income when personal income is computed
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. At a quantity of 12,000 pounds
A) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently high. B) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high. C) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low. D) producers should lower the price to $3 in order to sell the quantity demanded of 12,000.
The interest rate falls when either the demand for bonds ________ or the supply of bonds ________
A) increases; increases B) increases; decreases C) decreases; decreases D) decreases; increases
If the cost of labor increases, the isocost line will
A) stay the same. B) shift outward in parallel fashion. C) rotate inward around the point where only capital is employed in production. D) shift inward in parallel fashion.
Leader countries that experience modern economic growth early on will always grow faster than follower countries.
a. true b. false