In the permanent income hypothesis, income that does not persist for a long period of time is known as ________
A) current income
B) transitory income
C) insufficient income
D) limited income
B
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Net public debt is the
A) difference between tax revenues and government expenditures each year. B) sum of accumulated government deficits and surpluses held by individuals and businesses and foreign institutions. C) sum of accumulated government deficits and surpluses held by U.S. government agencies. D) sum of accumulated government deficits and surpluses held by large money center banks.
For a typical person who is currently earning a low wage rate, the
a. substitution effect of a wage rate increase usually is stronger than the income effect b. substitution effect of a wage rate increase usually is weaker than the income effect c. income effect of a wage rate increase is usually zero d. substitution effect of a wage rate increase is usually zero e. substitution and income effects of a wage rate increase tend to work in the same direction
If the United States imposes tariffs on steel imports the:
A. demand for steel shifts to the left and raises its market price. B. supply of the imported steel shifts to the left and raises its market price. C. demand for steel shifts to the left and lowers its market price. D. supply of steel shifts to the right and lowers its market price.
The EU organization that provides political leadership, drafts laws, and runs the daily programs of the EU is the ________.
A) European Commission B) Council of Ministers C) European Parliament D) European Central Bureaucracy