Real income is equal to ________ and a relative price is given by ________
A) the dollar amount of income divided by the dollar price of a good; the dollar price of one good divided by the dollar price of the good whose relative price is being calculated
B) the dollar price of one good divided by the dollar price of the good whose relative price is being calculated; the dollar amount of income divided by the dollar price of a good
C) The dollar price of one good divided by the dollar price of another good; the dollar price of one good divided by the dollar price of the good whose relative price is being calculated
D) the dollar amount of income; real income divided by the dollar amount of income
A
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Individual economic decisions are coordinated by
A) markets through adjustments in sales levels. B) markets through adjustments in prices. C) government through adjustments in sales taxes. D) government through adjustments in income taxes.
The long-run supply curve in a competitive market is upward sloping
Indicate whether the statement is true or false
Social Security benefits are available to some children
Indicate whether the statement is true or false
When the government provides a legal framework,
A. Private market transactions benefit and government market transactions benefit. B. Private market transactions suffer and government market transactions benefit. C. Private market transactions suffer and government market transactions suffer. D. None of the choices are correct.