Aggregate income equals:
a. the sum of income earned by all laborers in the world economy
b. the sum of income earned by all workers in the private sector.
c. the sum of the income earned by all the resource suppliers in an economy.
d. the total income of all employees after payment of income tax.
e. the total income of all employees after purchases of necessities.
c
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Explain the funding structure of the Social Security and Medicare programs. Why are these programs in danger of running out of funds in the future?
What will be an ideal response?
Barometric price leadership exists when
A) one firm in the industry initiates a price change and the others may or may not follow. B) one firm imposes its best price on the rest of the industry. C) when all firms agree to change prices simultaneously. D) when one company forms a price umbrella for all others.