Describe the Functional distribution of income
Describe the Functional distribution of income?
Expert
1. Wages and salaries are 70 percent of total.
2. Income of Proprietor is under 10 percent of total that the income to self employed business owners, doctors, lawyers, etc. This is a combination of wage and profit income.
3. Less than one-fifth of total of Corporation profits, Capitalist income, interest, rent. (Note: rent may be negative because of the depreciation charged against rental income.)
Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
Illustrate Scarcity and choice of Economic Perspective?
Explain the Trade pattern of U.S. and World Trade?
Elucidate: Competition and the “Invisible Hand”?
Question Discuss what "economic development" means in the context of this game? (Hint: How do you win, and what do you have at the end of the game that you did not have at the beginning of the game?)
Evaluate and explain the statements: “The market system is a profit-and-loss economy”
Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.
What does high or low operating leverage specify?
How the government can increase the overall effectiveness of the market system?
Explain the statement: “The other things equal assumption helps isolate key economic relationships.”?
18,76,764
1935444 Asked
3,689
Active Tutors
1439908
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!