The continuation of federal agricultural subsidy programs is based on a desire not to undermine the stability of the farm economy
Indicate whether the statement is true or false
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If the price of inputs rises and personal income taxes rise:
a. Price index falls, and real GDP falls. b. Price index falls, and the change in real GDP is uncertain. c. The change in price index is uncertain, and real GDP rises. d. The change in price index is uncertain, and real GDP falls. e. Neither the price index nor real GDP changes.
A pollution tax:
A. decreases the price of the good taxed. B. increases the price of the good taxed. C. does not affect the quantity demanded of the good taxed. D. does not affect the price of the good taxed.
Preferred Budgets ($ in millions)567891011Number of voters (in thousands)61016201595Table 15.2Table 15.2 shows the preferred budget for a new civic center and the number of voters in a community who prefer that budget. Suppose that Jay initially proposed $6 million while David proposed $10 million. Given the distribution of voters' preferences, David can increase his chance of being elected by proposing:
A. a greater budget than $10 million. B. a smaller budget than $6 million. C. a smaller budget toward the median budget. D. None of these
John argues that when the price of a good decreases, people will purchase less of the good. This statement is
A) consistent with the law of demand. B) inconsistent with the law of demand. C) referring to money prices. D) consistent with the law of supply.