Use the following table to answer the next question.YearNominal Income (dollars)CPIReal Income (dollars)1$44,600130 2$48,200 $35,1833$51,000139 What is the value of real income in Year 1?
A. $343
B. $44,600
C. $57,980
D. $34,308
Answer: D
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Self-control issues exist for several areas for most people. Which of the following is not on the usual list?
a. Using credit or debit cards b. Mail order clubs or buying online c. Malls, shopping centers or other types of in-person shopping d. Antiques
A profit-maximizing firm will hire workers up to the point at which
A) MRP < MFC. B) MRP = MFC. C) MRP > MFC. D) MRP = MPP.
A price floor policy establishes a minimum price for a market, and the policy is said to be binding if the market equilibrium price is less than the floor price. What impact does a binding price floor have on the market outcome?
A. Shortage B. Excess demand C. Excess supply D. No impact, and the market price and quantity equal their equilibrium values
To an economist, it is preferable to
A) assume that all criminals are rational. B) assume that all criminals are irrational. C) build a theory based on a rational criminal and then check the evidence. D) a or b