The value of a household's assets minus the value of its liabilities is called
A. stock.
B. wealth.
C. income.
D. debt.
Answer: B
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Why do preference reversals occur?
What will be an ideal response?
Farmers can avoid the free rider problem associated with the benefits received from beekeepers by:
a. forming local associations who contract with beekeepers. b. excluding non payers from using the services provided by beekeepers. c. fixing a low charge for the service provided by beekeepers. d. contracting with selective beekeepers and giving them a share of farm output.
The U.S. income tax is based on the principle of
a. cost of service. b. benefit received. c. ability to pay. d. equality of sacrifice.
Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. If the exchange rate between apples and oranges in international markets is 1 ton of oranges per 3 tons of apples: a. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export oranges to other
countries. b. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export apples to other countries. c. Karl and Adam will trade apples and oranges with one another. d. Karl and Adam will not specialize or engage in international trade.