List the three major sources from which households derive their incomes
What will be an ideal response?
(1.) Wages.
(2.) Property.
(3.) Government.
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Even though prices may change frequently, they can be expected to gravitate toward equilibrium
a. True b. False Indicate whether the statement is true or false
The burning of fossil fuels may cause global warming. Considering both the science and the reactions of crops, human health, and other factors across differing climates, economists generally agree that
a. to protect the interests of future generations, the buildup of carbon dioxide must soon be stopped. b. any climate change, if it actually occurs, will be extremely costly. c. there will be both costs and benefits if the climate warms. d. all people will be worse off if the climate warms.
If a good is _______, the income effect is negative for a price increase and positive for a price decrease.
A. inferior B. superior C. normal D. Giffen
Based on the table for the federal tax burden, the highest 20% earns about half of all income, but pays about ______ of income taxes.
a. 1/10
b. 1/4
c. 2/3
d. 3/4