If your nominal income in 2014 is $50,000, and prices increase by 50% between 2014 and 2017, then to have the same real income, your nominal income in 2017 must be
A) $50,000.
B) $75,000.
C) $100,000.
D) $150,000.
B
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Amount of a good or service that buyers are willing and able to purchase at the current price
What will be an ideal response?
Distinguish the terms price ceiling and price floor.
What will be an ideal response?
Competition forces firms to produce and sell products as long as the ________ to consumers exceeds the ________ of production
A) marginal benefit; marginal cost B) marginal cost; marginal benefit C) marginal benefit; marginal benefit D) marginal cost; marginal cost
Welfare data show that in the United States
a. most welfare recipients receive benefits only for a short time b. welfare encourages young women to have children c. children brought up on welfare tend to remain on welfare as adults d. having poor parents does not increase the chances of a child's being on welfare as an adult e. children of poor parents have a 50 percent chance of being middle-income adults