You own a condominium in Orlando, Florida. During the recent downturn in housing values in the area your condo's value declined by $75,000. Your economic income ________ and your taxable income ________.
A. was unchanged; fell
B. fell; was unchanged
C. was unchanged; was unchanged
D. fell; fell
Answer: B
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Average total cost is ______.
a. how much it costs to produce one unit of output b. the mean sum needed to buy one unit of output c. the variable input costs that change with output d. the cost changes resulting from a change in output
If a country is a net importer of a good, the price of that good will ________ when the economy goes from closed to open for trade.
A. increase B. stay the same C. decrease D. first increase then decrease
Which of the following describes the reason why scarcity exists?
A. Governments make bad economic decisions. B. The gap between the rich and the poor is too wide. C. Wants exceed the resources available to satisfy them. D. There is too much unemployment.
A decrease in the money supply
a. raises the interest rate, causing an increase in quantity demanded of investment and an increase in GDP b. lowers the interest rate, causing an increase in quantity demanded of investment and an increase in GDP c. raises the interest rate, causing a decrease in quantity demanded of investment and a decrease in GDP d. lowers the interest rate, causing a decrease in quantity demanded of investment and an increase in GDP e. lowers the interest rate, causing a decrease in quantity demanded of investment and a decrease in GDP