What is the difference between money, income, and wealth?
What will be an ideal response?
Income is equal to a person's earnings over a period of time. Wealth is the sum of a person's assets minus the sum of a person's liabilities. Money is a medium of exchange and one component of a person's wealth.
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Suppose that Mel (who is 27 ) is not working, but looked for a job as recently as 2 months ago. Mel would like a job and he is available for work. He is considered
A) unemployed. B) a member of the labor force and unemployed. C) a member of the labor force, but not unemployed. D) a member of the working-age population E) a marginally attached worker.
Diseconomies of scale often arise because higher production levels allow specialization among workers
a. True b. False Indicate whether the statement is true or false