An estimate of a household's long-run average income is called permanent income
Indicate whether the statement is true or false
TRUE
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Premium beer is likely considered
A) a normal good. B) an inferior good. C) to have inelastic demand. D) to have perfectly elastic demand.
Which of the following is most likely to increase the incentive to invest, produce, and employ others?
What will be an ideal response?
Which of the following shows the accurate sequence for establishing a new equilibrium in this graph?
a. S1 moves to S2; P1 moves to P2; Q1 moves to Q2; E1 moves to E2
b. S1 moves to S2; E1 moves to E2; Q1 moves to Q2; P1 moves to P2
c. P1 moves to P2; S1 moves to S2; E1 moves to E2; Q1 moves to Q2
d. E1 moves to E2; P1 moves to P2; Q1 moves to Q2; S1 moves to S2
Total U.S. consumption possibilities will increase if the United States:
A. imports a product for which the exporting country has the comparative advantage. B. never imports a product that can be produced by American workers. C. has consumers who join together and adopt a "Buy American" policy. D. agrees to subsidize imports of products, such as computers, that represent the comparative advantage of domestic U.S. manufacturing firms.