Pizza is a normal good. Which figure above shows the effect of a decrease in consumers' incomes?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
E) Both Figure B and Figure C
B
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When people became ________ concerned with the underlying value of their houses and became ________ concerned with the expectations of the prices of their houses increasing, a housing bubble occurred
A) more; less B) more; more C) less; more D) less; less
Which of the following is TRUE about comparative advantage?
A) Comparative advantage explains trade among nations, but not within nations. B) Comparative advantage explains trade within nations, but not among nations. C) Comparative advantage explains trade within nations and among nations. D) Comparative advantage has nothing to do with trade among nations; it only is concerned with specialization within a firm.
Under a negative income tax program,
a. the government guarantees a minimum level of family income. b. a family must pay income taxes on its welfare check. c. a family receives a stated amount of money from the government plus its members can keep all income earned through work. d. the government reduces the welfare payment by any income earned through work. e. a family's income is lower if its members work.
Which of the following is the most liquid asset?
a. Traveler's checks. b. Savings-type deposits. c. Small time deposits. d. Large time deposits. e. A modern art painting.