Suppose Jack's salary increased from $100,000 to $200,000 per year between 2004 and 2014 and the price index increased from 100 to 300 during the same period. Which of the following statements best describes Jack's situation?
a. His real income and money income have both increased
b. His real income has increased and money income has decreased.
c. His real income and money income have both decreased.
d. His real income has decreased and money income has increased.
e. His real income has remained unchanged.
d
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Quasilinear goods are borderline goods between the set of normal and the set of inferior goods.
Answer the following statement true (T) or false (F)
Which of the following people would be classified as unemployed?
a. A person who wants a job as a fashion model but cannot find work in that field b. Someone who quits a part-time job to attend school full time c. Someone who does not have a job and gives up looking for one d. A person who works at a job that underutilizes his or her skills e. A person who works part-time and would rather work full time
The basic data source to track the number of unemployed comes from a calculation of applications for new unemployment benefits.
Answer the following statement true (T) or false (F)
As more firms enter an industry:
A. prices rise. B. economic profits decrease. C. accounting profits increase. D. None of the statements associated with this question are correct.