When the price of a good increases with other things unchanged, the real income of the consumer:
A. decreases.
B. increases.
C. is unchanged.
D. None of the statements is correct.
Answer: A
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Government works to create a competitive marketplace to help foster competition, yet it also awards patents which prevent competition. Why are both competition and the patent system essential to creating a large economic pie?
What will be an ideal response?
The American Economic Association limiting its presidential vote to only one candidate is an example of agenda control
a. True b. False
To say that demand is inelastic means that
A) people do not like the good very much. B) quantity demanded not very responsive to price changes. C) relatively small changes in price lead to relatively large changes in quantity demanded. D) relatively small changes in quantity demanded lead to relatively small changes in price.
An increase in the dollar price of foreign currency constitutes an appreciation of the U.S. currency
a. True b. False Indicate whether the statement is true or false