Which of the following is income, as defined in economics?
(a) Salaries received by members of the Judiciary;
(b) Scholarships awarded to high performance Leaving Certificate students;
(c) Unemployment benefits paid to long term unemployed persons;
(d) Both (a) and (b).
Answer: (a) Salaries received by members of the Judiciary;
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A decrease in the price of VCRs will increase demand for video cassettes.
Answer the following statement true (T) or false (F)
Use the following graphs for a perfectly competitive market in the short run to answer the next question.
The graphs suggest that in the long run, assuming no changes in the given information, the market
A. supply curve will shift to the right. B. demand curve will shift to the right. C. supply curve will shift to the left. D. demand curve will shift to the left.
Japan and China produce guns and rice. The country with the lowest opportunity cost of guns (in terms of rice) will
a. import guns. b. have a comparative advantage in guns. c. have an absolute advantage in guns. d. have a comparative advantage in rice.
Suppose the Environmental Protection Agency issues pollution permits in order to limit the quantity of pollution. Under this policy, is the supply of pollution rights perfectly elastic or is it perfectly inelastic?