A change in demand would be illustrated by
a. a drop in price, which causes people to buy more.
b. an increase in price, which causes people to buy less.
c. a change in people’s preferences that causes them to buy either more or less than before.
d. All of these.
c. a change in people’s preferences that causes them to buy either more or less than before.
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The general tax can be considered a retail sales tax.
A. True B. False C. Uncertain
For real-world economies, the Gini coefficient lies between
a. 1 and 10 b. 0 and 100 c. 0 and 1 d. –1 and +1 e. 0 and infinity
Which of the following is not correct?
a. Poverty is long-term problem for relatively few families. b. Measurements of income inequality usually do not include in-kind transfers. c. Measurements of income inequality use lifetime incomes rather than annual incomes. d. Measurements of income inequality would be more meaningful if they reflected permanent rather than current income.
At higher rates of output, the per-unit cost of producing additional output increases
Indicate whether the statement is true or false