________ of income redistribution argue that redistribution ________ those who, through no fault of their own, are unable to earn an adequate income.
A. Opponents; helps
B. Proponents; harms
C. Proponents; helps
D. Opponents; harms
Answer: C
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Money illusion is
A) when people think they are better off when their income increases even though prices have increased by the same amount. B) when people are motivated by self-interest. C) could not exist if the economy did not have competitive markets. D) a basic condition that all classical economists assume people have.
A single-price monopolist determines
A) its output but not its price. B) its price but not its output. C) both its output and its price. D) neither its output nor its price.
Consumption:
A. is the largest component of the U.S. GDP. B. is the value of total goods purchased by government. C. includes the price of new homes. D. is what households spend on food.
Consider a demand curve for peaches. Which of the following movements will be observed if the price of peaches decline at a point in time?
a. The demand curve will rotate inward at the given price level. b. The will be a movement up along the demand curve. c. The demand curve will rotate outward at the given price level. d. There will be a downward movement along the demand curve. e. The demand curve will become steeper.