Part of the reason that people confuse money and income is because
a. money is tangible, but income is intangible.
b. money serves as the unit of account.
c. money is abstract, but income is concrete.
d. income is almost impossible to measure.
b
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Currently, the United States has an import quota on the amount of sugar that is allowed to be imported into the United States. What would happen to the price of sugar in the United States if the import quota was removed? What would happen to U.S
consumption and U.S. production of sugar?
If an industry has 4 firms, with the largest firm being twice as large as any other one (the 3 remaining firms are equal in size), the 4-firm concentration ratio of this industry would be
A. 0.4 B. 1 C. 0.5 D. not enough information is provided
Refer to the above figure. Plastic is an input for producing cellphones. Which diagram shows the effect on the supply of cellphones when the price of plastic has increased?
A. graph C B. graph D C. neither graph D. both graphs
Firms in a monopolistically competitive market will
A. Produce efficiently. B. Make economic profits in the long run. C. Produce at the minimum of ATC. D. Use the profit-maximizing rule MC = MR.