Which of the following is not true about your nominal income?
A. It is the same as your real income in times of high inflation.
B. It is measured in current dollars.
C. It is the amount of money you receive during a given time period.
D. It is not an accurate measure of purchasing power.
Answer: A
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Welfare data show that in the United States
a. most welfare recipients receive benefits only for a short time b. welfare encourages young women to have children c. children brought up on welfare tend to remain on welfare as adults d. having poor parents does not increase the chances of a child's being on welfare as an adult e. children of poor parents have a 50 percent chance of being middle-income adults
Which of the following is related to the concept of trade-off used in economics?
a. Paying tuition to attend college b. Paying a high price for a movie ticket on the first day of screening c. Not having enough information available to make a rational decision d. Giving up one good or activity in order to obtain some other good or activity e. Having your cake and eating it too
When the production possibilities curve is bowed out, resources are
a. equally well-suited to production of both goods. b. not being used efficiently. c. not equally suited to the production of both goods. d. available in larger and larger quantities as more of one good is produced.
A decline in housing prices can help to push the economy into a recessionary gap
Indicate whether the statement is true or false