In the United States, which factor of production earns the largest share of the nation's total income?
What will be an ideal response?
The largest fraction of the nation's total income is earned by labor. In the United States, wages paid to labor account for about 69 percent of the nation's total income.
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Borda-count method
The residents of Desert Sands, realizing that they have no chance of winning this election, decide to remove their town from contention, so now with only 3 towns in the running, if a town gets ranked #1, it gets 2 points per vote, a town ranked #2 gets 1 point per vote, and a town ranked #3 gets no points per vote. With this method, the town that wins in this election is A) There is no clear winner in this election. B) Glacier Cove. C) Mountain View. D) Oceanside.
Over the past decade, the demand for goods produced in China has brought a sustained increase in demand for China's exports that has out-stripped the growth of supply. As a result, China has experienced a _______
A. period of stable prices and sustained economic growth B. rising price level and demand-pull inflation C. rising price level and cost-push inflation D. rising price level and a falling real wage rate