The amount of money actually received in a particular period is called:
A. nominal income.
B. real income.
C. a cost-of-living index.
D. consumer surplus.
A. nominal income.
Economics
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Which of the following will cause an increase in the marginal product of capital (MPK)?
A) a decrease in the quantity of labor in use B) an increase in labor productivity C) a decrease in the quantity of capital in use D) all of the above E) none of the above
Economics
In the above figure, assuming Firm 1 and Firm 2 are the sole producers in the industry, the industry quantity supplied at price P2 is equal to
A) Q1 + Q2. B) Q1 + Q3. C) Q2 + Q4. D) Q4 - Q2.
Economics