Consider the budget line in the above figure. If the consumer's income is $120, then the price of a book is
A) $10 per book.
B) $12 per book.
C) $6 per book.
D) More information is needed to determine the price of a book.
B
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Which of the following statements identifies a difference between correlation and causation?
A) Correlation occurs when one thing directly affects another, whereas causation implies a mutual relationship between two things. B) Causation cannot arise when correlation is present, and correlation cannot arise when causation is present. C) Correlation implies a mutual relationship between two things, whereas causation occurs when one thing directly affects another. D) A causal relationship exists between two variables when they are correlated, but correlation does not necessarily exist if there's a causal relationship between two variables.
When the nation of Duxembourg allows trade and becomes an importer of software,
a. residents of Duxembourg who produce software become worse off; residents of Duxembourg who buy software become better off; and the economic well-being of Duxembourg rises. b. residents of Duxembourg who produce software become worse off; residents of Duxembourg who buy software become better off; and the economic well-being of Duxembourg falls. c. residents of Duxembourg who produce software become better off; residents of Duxembourg who buy software become worse off; and the economic well-being of Duxembourg rises. d. residents of Duxembourg who produce software become better off; residents of Duxembourg who buy software become worse off; and the economic well-being of Duxembourg falls.
If protective import-restricting tariffs are imposed by a country, in the majority of cases that nation's consumers end up
A) paying a higher price for the good than they otherwise would. B) paying a lower price for the good than they otherwise would. C) consuming more of the good than they otherwise would. D) having a higher standard of living than they otherwise would.
How much is the APC when disposable income is $8 trillion?
