Happiness is ______ correlated with income.
a. positively
b. negatively
c. not
d. universally
a. positively
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Monopolistic competition differs from monopoly because in monopolistic competition
A) firms maximize profits. B) firms set marginal revenue equal to marginal cost to maximize profit. C) firms are free to enter and exit. D) All of the above are differences between monopoly and monopolistically competitive firms.
Under the Gold standard, a country is said to be in balance of payments equilibrium when the current account balance is
A) financed entirely by international lending without reserve movements. B) financed by international lending and with reserve movements. C) equal to zero. D) financed entirely by international lending and past gold reserves. E) financed entirely by gold reserves.
Engel's Law asserts that consumer expenditures on daily food in the aggregate decline as incomes rise. This explains the decreased demand for daily foods and the increased U.S. demand for exotic foods
Indicate whether the statement is true or false
Public choice analysis indicates that politicians will find
a. budget deficits more attractive than budget surpluses. b. budget surpluses more attractive than budget deficits. c. budget deficits attractive during an economic boom, but surpluses attractive during a recession. d. tax increases more attractive than increases in government spending.