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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Approximately what percentage of U.S. national income is paid to workers, as opposed to owners of capital and land?

  1. a. 30 percent
  2. b. 50 percent
  3. c. 70 percent
  4. d. 90 percent

To determine
The competitive firm hiring labor.

Answer

Option ‘c’ is the correct answer.

Explanation

Option (c):

The share of national income paid to a worker against owners of capital and land is nearly 70%. Thus, option ‘c’ is correct.

Option (a)

The given amount of share is less than the actual share. Therefore, option ‘a’ is incorrect.

Option (b)

The given amount of share is less than the actual share. Hence, option ‘b’ is incorrect.

Option (d)

The given amount of share is greater than the actual share. Therefore, option ‘d’ is incorrect.

Concept

Concept introduction:

National income: National income refers to the sum of all the income received within a given period of time.

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