"I'm tired of eating muffins for breakfast. Today I am trying a bagel." This statement most clearly reflects the:
a. ceteris paribus condition
b. the law of supply.
c. law of diminishing marginal utility.
d. law of comparative advantage.
c
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Leo is a welfare recipient who qualifies for two means-tested cash benefit programs. If he does not earn any income, he receives $225 from each program. For each dollar he earns (which his employer is required to report to the welfare agency), his benefit from each program is reduced by 75 cents until the benefit equals zero. When Leo's earnings are less than $300, each extra dollar he earns causes his total income (earnings plus benefits) to:
A. rise by 75 cents. B. fall by 25 cents. C. fall by 50 cents. D. rise by 50 cents.
Imposing a unit excise tax on the final sale of a good or service can be displayed graphically as
A. a vertical shift downward of the demand curve. B. a vertical shift upward of the demand curve. C. a vertical shift upward of the supply curve. D. a vertical shift downward of the supply curve.
NIPA annual revisions usually occur
A. every July. B. every January. C. every October. D. every April.
Is the Federal Reserve insulated from political pressures in any way? Explain.
What will be an ideal response?