Assume that it is predicted that for the years after you graduate from college, the entire economy will experience a long period of prosperity when incomes grow rapidly
What type of industry would be the best for you to find employment if this prediction is correct? An industry that produces a product that is A) income elastic.
B) income inelastic.
C) inferior.
D) a substitute good.
E) none of these industries
A
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The police powers of the government include
(a) price fixing. (b) licensing. (c) inspection. (d) all of the above.
Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. What are Tom's economic profits?
A. $35,000 B. $50,000 C. $24,000 D. $6,000
Proponents of the monetary growth rule believe that a constant growth rate in the money supply will lead to less uncertainty and greater credibility than with activist policies
a. True b. False Indicate whether the statement is true or false
If the United States exports wheat to foreign countries that levy tariffs on wheat imports, the probable result is that the price of wheat will
a. fall in foreign countries. b. rise in the United States. c. rise in foreign countries. d. rise faster in the United States than in foreign countries.