You earn $500 a month, currently have $200 in currency, $100 in your checking account, $2,000 in your savings accounts, $3,000 worth of illiquid assets and $1,000 of debt. You have
A) money = $300, annual income = $6,000, and wealth = $5,000.
B) money = $2,300, annual income = $6,000, and wealth = $5,000.
C) money = $300, annual income = $6,000, and wealth = $4,300.
D) money = $200, annual income = $500, and wealth = $4,300.
C
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The long-run supply curve for a perfectly competitive, constant-cost industry
A) is found by adding up the marginal cost curves for all firms in the industry. B) is horizontal. C) is upward-sloping. D) is downward-sloping.
When the demand for a product is less elastic than the supply, consumers pay the majority of the tax on the product
Indicate whether the statement is true or false
Assume that the labor market is perfectly competitive. An increase in the productivity of labor
A) causes the marginal factor cost of labor to decrease. B) generates a lower wage rate. C) causes an increase in the demand for labor. D) causes a reduction in the demand for labor since each worker is now more productive.
Budget surpluses exist when: a. government spending exceeds its tax revenues
b. government tax revenues exceed its spending. c. government spending equals its tax revenues. d. expansionary fiscal policies increase real GDP and the price level.