When a person's income increases:
A. the individual's budget constraint shifts straight out, maintaining the same slope.
B. the individual's budget constraint shifts straight in, maintaining the same slope.
C. the individual's budget constraint rotates out and becomes flatter.
D. the individual's budget constraint rotates in and becomes steeper.
A. the individual's budget constraint shifts straight out, maintaining the same slope.
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Which of the following statements about a monopoly is FALSE?
A) Monopolies have no barriers to entry or exit. B) The good produced by a monopoly has no close substitutes. C) A monopoly is the only producer of the good. D) None of the above; that is, all of the above answers are true statements about a monopoly.
The provision of an education in public school is
A) exclusive and rival. B) exclusive and non-rival. C) nonexclusive and non-rival. D) nonexclusive and rival. E) a public good, regardless of exclusivity and rivalness.
The American individual income tax is:
A. progressive. B. regressive. C. proportional. D. a lump sum.
Was the U.S. government able to control the world petroleum prices? Support your choice with suitable reasons