The income that individuals have after personal income taxes have been paid is called
A. disposable personal income.
B. national income.
C. gross domestic income.
D. personal income.
Answer: A
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Compared to a similar perfectly competitive industry, a single-price monopoly
A) creates a deadweight loss and decreases economic profit. B) produces more output. C) creates a deadweight loss and decreases consumer surplus. D) is more efficient because there is no wasteful competition. E) sets a lower price because there is less competition.
Sarah's demand curve for shoes has the same slope as Pete's; however, it lies to the right of Pete's. An increase in the price of shoes will cause
A) Sarah to incur a greater loss of consumer surplus than Pete will. B) Pete to incur a greater loss of consumer surplus than Sarah will. C) Sarah and Pete to incur the same loss of consumer surplus. D) Sarah's demand curve to shift closer to Pete's.
A decline in the price of resource A will
A. shift the demand curve for A to the right. B. shift the demand curve for A to the left. C. reduce the demand for complementary resource B. D. increase the demand for complementary resource B.
The non-activists believe that
A) the government has been a stabilizing force in the economy. B) much of the existing unemployment voluntary. C) the velocity of money is unstable. D) policymakers are able to accurately forecast the future effect of current policy actions.