The mean household income is
A) the income that separates households into two equal groups.
B) the most common household income.
C) the percentage of total income received by the richest 20 percent of households.
D) the average household income.
D
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If its exports are greater than its imports, then a country has a:
A. trade deficit. B. trade surplus. C. government budget surplus. D. government budget deficit.
A subsidy is defined as
a. a payment that must be made to the government whenever a good or service is sold. b. the number of trades that are eliminated from a market when a tax is imposed. c. the difference between total revenue and total cost for a business firm. d. a payment to either the buyer or seller of a good or service, usually on a per-unit basis, when a good or service is purchased.
Which of the following would cause price to increase?
a. an increase in supply b. a decrease in demand c. a surplus of the good d. a shortage of the good
Unexpectedly high inflation reduces unemployment in the short run, but as inflation expectations adjust the unemployment rate returns to its natural rate
a. True b. False Indicate whether the statement is true or false