In 2015, the total income of all U.S. residents was approximately $16 trillion
a. True
b. False
Indicate whether the statement is true or false
True
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Cartels tend to break down unless they can obtain government assistance because cartel members will typically try to
A) charge higher prices than the prices agreed upon. B) include sunk costs in their prices. C) lower their costs below the agreed-upon levels. D) sell more than their quotas. E) do all of the above.
Refer to Table 19-11. Nominal GDP for Tyrovia in 2016 equals
A) $1,140. B) $880. C) $690. D) $560.
Given the quantity theory of money demand, a doubling of the money supply will lead to a
A) halving of the velocity of money. B) doubling of the level of real output. C) doubling of the level of nominal output. D) rise in the level of interest rates.
Assume Bill's income to spend on the two goods in the graph shown is $48, and movie tickets cost $8. If Bill's budget constraint is one of the lines in the graph, which one must it be?
A. A
B. B
C. C
D. It could be line A or B.