If real disposable income fell during a particular year, we can conclude that:
A. personal taxes increased.
B. inflation occurred.
C. transfer payments declined.
D. none of these necessarily occurred.
D. none of these necessarily occurred
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Which of the following statements is true?
A) Normative statements depend on personal preferences. B) Normative economic statements can be confirmed or disproven. C) Positive economics recommends what people ought to do. D) Positive economics deals with issues that are subjective.
The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price floor to achieve their goal. How much wheat goes to waste under the program?
A. 10 billion bushels per year B. 4 billion bushels per year C. 6 billion bushels per year D. No wheat goes to waste.
When average total cost is above marginal cost, average total cost is rising
a. True b. False Indicate whether the statement is true or false
A budget surplus means that:
A. government expenditures are falling and government revenues are rising. B. government expenditures are greater than revenues in a given year. C. government revenues are greater than expenditures in a given year. D. government revenues are greater than expenditures throughout time.