When economists disagree about whether the government should tax a household's income or its consumption, they are expressing a difference in
scientific judgment.
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If, at some level of output, total planned real expenditures are less than real Gross Domestic Product (GDP)
A) real GDP will either fall or remain unchanged, depending on the MPC. B) real GDP will rise. C) unplanned inventories will increase and real GDP will fall. D) real GDP remains unchanged.
Which of the following is typically considered a fixed cost by academic book publishers but a variable cost by companies that print books?
A) postage and supplies B) wages and salaries C) travel D) rent
Comparing the median income of all white males to the median income of all black males in order to determine the impact of job-market discrimination on earnings tends to
a. overestimate the impact because it does not account for differences in education and job experience b. underestimate the impact because it does not account for differences in education and job experience c. overestimate the impact because it accounts for differences in education and job experience d. underestimate the impact because its accounts for differences in education and job experience e. correctly estimate the impact
Figure 6.5 illustrates the market for sugar. If imports of sugar were banned, the price of sugar would be at point:
A. C. B. D. C. F. D. G.