The income net of taxes is called _____
a. real income
b. disposable income
c. nominal income
d. taxable income
e. personal income
b
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Refer to Figure 24-4. Given the economy is at point A in year 1, what will happen to the price level in year 2?
A) It will remain constant. B) It will fall. C) It will rise. D) not enough information to answer the question
The elasticity of demand for a particular perfectly competitive firm's output is positively related to the number of firms supplying the market
Indicate whether the statement is true or false
When economists say that health care services are over-consumed, they mean that
At a price of $100, Beachside Canoe Rentals rented 11 canoes. When it increased its rental price to $125, 9 canoes were rented. Calculate the absolute value of the price elasticity of demand for canoe rentals using the midpoint formula
A) 2
B) 1.25
C) 0.9
D) 0.75