The term "market basket" means a
A) collection of goods that can fit into an average shopping cart.
B) collection of goods that changes every year and is defined by Congress.
C) collection of goods that is used by a typical family.
D) collection of goods that is purchased during a holiday season.
C
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Along a straight-line production possibilities curve:
a. the opportunity cost of production of a good is zero b. the opportunity cost of production of a good falls as its output increases. c. the opportunity cost of production of a good rises as its output increases. d. the opportunity cost of production of a good is constant.
A textbook is a
a. private good and the knowledge that one gains from reading the book is a common resource. b. private good and the knowledge that one gains from reading the book is a public good. c. common resource and the knowledge that one gains from reading the book is a public good. d. common resource and the knowledge that one gains from reading the book is a private good.
Suppose the government imposes a tax of 10 percent on the first $40,000 of income and 20 percent on all income above $40,000 . What are the tax liability and the marginal tax rate for a person whose income is $50,000?
a. 12 percent and 20 percent, respectively b. 12 percent and $50,000 . respectively c. $6,000 and 12 percent, respectively d. $6,000 and 20 percent, respectively
Other things the same, the aggregate quantity of goods demanded in the U.S. increases if
a. real wealth rises. b. the interest rate rises. c. the dollar appreciates. d. All of the above are correct.