The table below pertains to Iowan, an economy in which the typical consumer's basket consists of 3 pounds of pork and 4 bushels of corn. Refer to Table 24-2. The cost of the basket in 2008 was
a. $108.
b. $147.
c. $160.
d. $224.
a. $108.
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According to the household liquidity effect, an expansionary monetary policy causes a ________ in the value of households' financial assets, causing consumer durable expenditure to ________
A) decline; rise B) rise; rise C) rise; fall D) decline; fall
Economics is the study of:
a. the allocation of scarce resources and the ways in which human decision makers utilize those resources. b. the methods that human decision makers use to transform a scarce good into a non-economic good. c. how to operate a business successfully. d. a utopian society. e. how to make money in the stock market.
As a result of an increase in the payroll tax that employers must pay on their employees? wages, employers reduce the starting wage for new employees. This is an example of
A. tax incidence. B. tax shifting. C. a regressive tax. D. tax avoidance.
Gross domestic product measures
A. the total income of everyone in the economy. B. the value of all output in the economy. C. the total spending of everyone in the economy. D. all of the above