You own an oil painting that increases in value by $12,000 but you do not sell the painting. The $12,000 is counted as ________ income.
A. taxable income but not economic
B. neither taxable nor economic
C. both economic and taxable
D. part of economic income but not part of taxable
Answer: D
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If your cumulative Grade Point Average (GPA) after two years of college is 3.0, and your grades for the current semester average 3.5, what will happen to your cumulative GPA? Explain the similarity of this example to the case of marginal cost and average cost.
What will be an ideal response?
As people's incomes rise, they tend to purchase relatively less ________ and relatively more ________
A) durable goods; nondurable goods B) nondurable goods; services C) services; durable goods D) services; nondurable goods
A downward-sloping demand curve illustrates a. that demand increases
b. that prices fall. c. the relationship between income and demand. d. the law of demand.
Political instability is an impediment to development mainly because it:
A. undermines both domestic and foreign investment in a developing country. B. creates cultural and social differences among groups in developing countries. C. produces excessive levels of domestic saving. D. redistributes income.