Larry spends all his $800 monthly income on pizza and milk. The price of pizza is $4 a slice, and the price of milk is $2 per quart. Larry's real monthly income in terms of pizza is
A) 400 slices.
B) $800.
C) 200 slices.
D) $400.
C
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Farming in the New England colonies tended to be
(a) large scale. (b) worked by slaves. (c) small scale and worked by members of the family. (d) exported to England and its trading partners for high profits.
Poverty is defined in two ways: the absolute concept of poverty and the relative concept of poverty
a. True b. False Indicate whether the statement is true or false
Under free trade, a large country produces one million leather bags per year and imports another two million bags per year at the world price of $60 per bag. Assume the country imposes a specific tariff of $5 per bag. As a result, the per-unit price of leather bags decreases to $58 in the international market and the import of leather bags drops to 1.6 million. The domestic production, on the other hand, increases to 1.1 million. Calculate the tariff revenue collected by the domestic government.
A. $8 million B. $10 million C. $4 million D. $13.5 million
Suppose the marginal propensity to consume is 0.8. A $20 billion increase in government spending shifts the IS curve
A) to the right by $100 billion. B) to the left by $20 billion. C) to the left by $16 billion. D) to the right by $2.5 billion.