_____ income will be effected if the change in the price level differs from the change in a person's nominal income
Fill in the blank(s) with the appropriate word(s).
Real
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When the supply of a good is perfectly elastic, the entire tax is paid by the buyers
a. True b. False Indicate whether the statement is true or false
The relationship between consumption and disposable income is very unreliable and unpredictable.
Answer the following statement true (T) or false (F)
If productivity growth in Japan exceeds productivity growth in the U.S., to the point that the resource cost in ALL Japanese industries is lower than in the U.S., then
A. there is no feasible way for the U.S. and Japan to continue to trade. B. mutually beneficial trade is possible. C. trade between the U.S. and Japan is possible, but only Japan will benefit from it. D. trade between the U.S. and Japan is possible, but only the U.S. will benefit from it.
Every firm has to bear its fixed costs even when it produces nothing
a. True b. False Indicate whether the statement is true or false