Disposable income is not:
A. total income minus taxes.
B. what consumers base their buying decisions on.
C. the amount consumers have to spend on goods and services.
D. income before tax.
D. income before tax.
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The existence of dual economies support the argument for _____
a. developing domestic exports b. reducing quotas on foreign goods c. a more active monetary policy d. the free movement of resources e. imposing trade restrictions
Which of the following statements about U.S. agriculture is true as it relates to the past several decades?
A. The demand for farm products has declined, the supply of farm products has increased, and the price of farm products has declined. B. The demand for farm products has become both more income elastic and more price elastic. C. Minimum efficient scale has increased, the prices of farm products have declined, and the number of farms has declined. D. The prices of farm products have increased, minimum efficient scale has declined, and the supply of farm products has been stagnant.
An increase in the relative price of a good cannot be caused by
A) an increase in the nominal price of the good that is greater than the increase in the nominal price of the other good. B) a decrease in the nominal price of the good that is less than the decrease in the nominal price of the other good. C) a decrease in the nominal price of the other good while the price of the good itself remains constant. D) an increase in the nominal price of the other good while the price of the good itself remains constant.
Which of the following would cause the dollar to depreciate?
A) an increase in the demand for dollars B) a decrease in the demand for dollars C) a decrease in the supply of dollars D) a decrease in the demand for imports from foreign countries