Suppose a consumer's nominal income is $50,000 and the cost-of-living index is 1.3. The consumer's real income is:

When there is an excess of expected net income over the cost of capital

A) abnormal net income is positive. B) accounting profits are negative. C) abnormal net income is negative. D) economic profits minus abnormal net income is negative.

The "labor-force participation rate":

a. Equals the number of people employed divided by the number of people employed and unemployed. b. Equals the number of people unemployed and actively seeking work divided by the non-institutional population over 16 years of age. c. Is ironically very similar from one country to another. d. Equals the number of people employed and unemployed (and actively seeking work) divided by the non-institutional population over 16 years of age and varies from country to country due to economic incentives, cultural backgrounds, expectations, and religious beliefs. e. None of the above is correct.1.The labor force: a. Is made up of individuals who are employed, individuals without a job and actively seeking work, and individuals without a job and not actively seeking work. b. Is made up of individuals who are employed and individuals without a job and actively seeking work. c. Is basically the same as a nation's non-institutional population over 16 years of age. d. Rises with each new birth.