To derive personal income from national income, you
a. subtract retained earnings, Social Security taxes, and transfer payments, and add in corporate business taxes
b. subtract retained earnings, Social Security taxes, corporate business taxes, and add in transfer payments
c. subtract retained earnings, corporate business taxes, and transfer payments, and add in Social Security taxes
d. subtract corporate business taxes, Social Security taxes and transfer payments, and add in retained earnings
e. subtract Social Security taxes, retained earnings, and personal taxes, and add in transfer payments
B
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In situations where businesses discriminate in response to the preferences of consumers, discrimination:
A. is not consistent with efficient markets. B. is consistent with efficient markets. C. will be eliminated by the market. D. will not persist even though it's what the customers want.
Which of the following is true of perfect competition but is not true of monopolistic competition?
a. The firm faces a downward-sloping demand curve. b. The firm faces a downward-sloping marginal revenue curve. c. The firm will earn zero economic profit in the long run. d. The firm will produce at a point where price equals marginal cost.
Sarah gets a salary increase of 20 percent. Before her raise, she purchased 5 pounds of hamburger and 1 pound of beef stew a month. After her raise, she consumes 2 pounds of hamburger and 3 pounds of beef stew a month. If everything else is held constant, we know that
A) hamburger is an inferior good and beef stew is a normal good for Sarah.
B) hamburger is a normal good and beef stew is an inferior good for Sarah.
C) both hamburger and beef stew are normal goods for Sarah.
D) both hamburger and beef stew are inferior goods for Sarah.
Refer to Figure 4-1. Arnold's marginal benefit from consuming the fourth burrito is
A) $0. B) $1.00. C) $2.50. D) $3.00.