The egalitarian principle of income refers to
A) each person being paid differently.
B) each person receiving the same income.
C) each person receiving tax breaks.
D) each person working the same number of hours.
Answer: B
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If two goods are substitutes, the cross-price elasticity of demand must be
A) negative. B) positive. C) zero. D) infinite.
The trade balance includes:
a. Imports and exports of only goods. b. Imports and exports of goods and services. c. Net exports of goods and services plus transfers. d. Net exports of goods and services plus net investment income plus transfers. e. Changes in a nation's reserve assets.
When the Federal Reserve sells government bonds to the public, this is an example of a(n):
A. open-market purchase. B. discount loan. C. open-market sale. D. bank panic.
Exhibit 3-5 Supply for Tucker's Cola Data Quantity supplied per week(millions of gallons) Price pergallon 6 $3.00 5 2.50 4 2.00 3 1.50 2 1.00 1 .50 Exhibit 3-5 shows the supply schedule for Tucker's Cola. Suppose there are four additional suppliers of cola in the market. When the price per gallon of cola is $1.50, the first supplier is willing to sell 10 million gallons, the second supplier is willing to sell 2 million gallons, the third supplier is willing to sell 5 million gallons, and the fourth supplier is willing to sell 0 gallons. The market quantity supplied of cola when the price is $1.50 is
A. 17 million gallons. B. 20 million gallons. C. 30 million gallons. D. 0 gallons.