The regular pattern of income variation over a person's life is called the
a. earned income cycle.
b. substitution effect.
c. life cycle.
d. pattern of change.
c
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Suppose the federal government wants to encourage businesses to increase investment spending. Which policy may be the most effective?
a. an increase in corporate income taxes b. an increase in real interest rates c. an increase in warnings of a coming recession d. an increase in tax deductions for investment spending
A supply shock is an ________ event that shifts the aggregate ________ curve.
A. internal; supply B. external; supply C. internal; demand D. external; demand
If a firm that makes $100 profit per pair of shoes pays LeBron James $2,000,000 to endorse their basketball shoes, then to make the endorsement pay off they must sell at least:
A. $2,000,000 more in shoes. B. $20,000 more in shoes. C. 20,000 more pairs of shoes. D. 200,000 more pairs of shoes.
It is impossible to figure out the "true" or "final" cost of getting an education at public schools because
A) no one has an incentive to keep accurate figures. B) an education at any public school is in most, if not all cases, a free good. C) an education is necessary. D) things in themselves have no cost.