An inheritance is an example of ________ income.
A. non-disposable
B. invisible
C. hourly
D. nonlabor
Answer: D
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If a profit-maximizing firm’s fixed cost of producing widgets falls,
A. its total cost curve is unaffected. B. its marginal cost curve shifts down. C. the firm will produce more widgets. D. the firm’s average profit per widget produced rises.
Fully anticipated inflation occurs when
A) the actual inflation rate equals the anticipated inflation rate. B) the actual inflation rate is less than the anticipated inflation rate. C) the inflation rate is zero. D) the anticipated inflation rate and the unanticipated inflation rate are equal.
A medium of exchange must be
a. approved by the government b. socially acceptable in exchange for goods and services c. easy to reproduce d. used to eliminate specialization and the division of labor e. used when a system of barter exists
Assume no price ceiling exists and a market is in equilibrium. Then a price ceiling is established which is below the market equilibrium. What would result?
a. Shortage. b. Equilibrium. c. Surplus. d. Equity.