It is not true of profits that they
A. are what remains from the selling price after factors have been paid.
B. accrue to entrepreneurs.
C. account for a relatively small portion of national income.
D. account for about as much national income as wages and salaries.
Answer: D
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Bob traps lobsters in Maine and sells them to a restaurant in Mexico. Other things the same, these sales
a. increase U.S. net exports and have no effect on Mexican net exports. b. increase U.S. net exports and decrease Mexican net exports. c. decrease U.S. net exports and have no effect on Mexican net exports. d. decrease U.S. net exports and increase Mexican net exports.
If a 1 percent increase in an individual's income leads to a 0.5 percent increase in the demand for a good, the good is considered to be a normal good.
Answer the following statement true (T) or false (F)