The income approach measures GDP by adding together compensation of employees, proprietors' income, ________
A) net investment, saving, and farmers' income
B) net interest, rental income, and corporate profits
C) net investment, rental income, and corporate profits
D) net saving, investment income, and profits
B
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As a shoe factory adds more workers, shoe production grows, reaches a maximum, and then shrinks
In a diagram that has the number of workers on the horizontal axis and the number of shoes on the vertical axis, the relationship between the number of workers and the number of shoes starts as ________ and then, after the maximum point, is ________. A) negative; positive B) positive; linear C) positive; negative D) positive; nonexistent E) linear; negative
It is profitable to hire units of labor as long as the value of marginal product:
A. equals price. B. is less than wage. C. exceeds wage. D. exceeds average product.