Moving along a given budget line
A) prices and real income both decrease.
B) prices fall and real income is constant.
C) real income decreases and prices are constant.
D) prices and real income are constant.
D
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If incomes were equally distributed in the United States, each fifth of the population would receive ____ percent of the income.
A. 5 B. 10 C. 15 D. 20
Farm price support programs most often take the form of price
A. Ceilings, which cause shortages. B. Floors, which cause shortages. C. Floors, which cause surpluses. D. Ceilings, which cause surpluses.
If a monopolist can perfectly price discriminate, then
A) price equals average cost for each unit sold. B) price equals marginal cost for each unit sold. C) price equals marginal cost for the last unit sold. D) the firm can ignore the marginal cost curve.
Real GDP is nominal GDP divided by the Consumer Price Index
Indicate whether the statement is true or false