A family's ability to buy goods and services depends largely on its
a. permanent income, which is its normal, or average, income.
b. permanent income, which is the lowest annual income the family has received over a 10-year period.
c. transitory income, which is the measure of income used by the government to analyze the distribution of income and the poverty rate.
d. transitory income, which is its money income plus any in-kind transfers it receives.
a
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Vote trading in legislatures can lead to efficient outcomes that might otherwise not have been reached.
Answer the following statement true (T) or false (F)
The equilibrium real wage is 25, the money supply equals 15, and k equals 3 . If equilibrium output is 10 then the equilibrium nominal wage is
a. 3. b. 4.5. c. .22 d. 5
Excess quantity demanded for a good creates pressure to push the price of that good down toward the equilibrium price
a. True b. False Indicate whether the statement is true or false
law of comparative advantage
What will be an ideal response?