All actions and purchases, even those of wealthy people, involve a sacrifice.
Answer the following statement true (T) or false (F)
True
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Suppose leisure is on the horizontal axis and dollars are on the vertical axis in the consumer-choice diagram. What happens to the budget line when a head tax is imposed?
a. The budget line shifts inward, but it may become steeper or flatter depending on the size of the head tax.
b. The budget line pivots about the horizontal intercept, becoming steeper.
c. The budget line become flatter, with the vertical intercept falling and the horizontal intercept remaining fixed.
d. There is an inward, parallel shift in the budget line.
Given the following diagram:
If the actual market price were fixed at $6 per unit in the above diagram
A. There would be a shortage of 20 units. B. There would be a surplus of 20 units. C. There would be a shortage of 40 units. D. There would be a surplus of 40 units.
The part of the Federal Reserve System that determines monetary policy actions is the
A. Federal Open Market Committee. B. Federal Deposit Insurance Corporation (FDIC). C. Comptroller's Office. D. District Bank Board.
When only a specified amount of a good can be imported into a country during a year, that good is subject to a(n)
A. subsidy. B. tariff. C. quota. D. export restriction.