If the cost of your gasoline purchases decrease from $150 per month to $80 over a period of one year due to lower prices and your income decreases from $1,600 per month to $1,500 per month, your nominal income has
A. Increased, but your real income has remained the same.
B. Decreased, but your real income has increased.
C. Increased, but your real income has decreased.
D. Increased, and your real income has increased.
Answer: B
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Explain why privatization can help the economy become more efficient
What will be an ideal response?
Which of the following observations is true?
A. Environmental damage can be reduced to zero. B. Pollution results from a price mechanism malfunction. C. Charging those who emit pollution is not a way of dealing with pollution problems. D. Public interest requires pollution be maintained at its free-market level.
(1)(2)(3)(4)(5)QdQdPriceQsQs5040$1070806050960708060850609070740501008063040Refer to the above table. In relation to column (3), a change from column (2) to column (1) would indicate a(n):
A. decrease in demand. B. increase in supply. C. decrease in supply. D. increase in demand.
Critics of a single tax on land oppose the idea because:
A. it would overtax the population. B. changes in land ownership would cause the tax burden to fall unfairly on people who did not receive economic rents. C. it would disproportionately tax the richest members of society. D. it would cause too much land to be brought out of production.