About four out of five millionaires in the United States earned their money rather than inherited it
a. True
b. False
Indicate whether the statement is true or false
True
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As a group, U.S. consumers view hamburger as a normal good at low income levels and as an inferior good at high income levels. Based on this information, which of the following statements is NOT true?
A) As income for all consumers rises, the hamburger demand curves of low-income consumers shift rightward, and the demand curves of high-income consumers shift leftward. B) The aggregate demand curve for hamburger in the U.S. is upward sloping at low prices. C) The Engel curve for hamburger consumed in the U.S. is upward sloping at low income levels and downward sloping at high income levels. D) The income-consumption curve for hamburger and all other food products cannot be a straight line.
For a firm operating in a perfectly competitive industry, marginal revenue and average revenue are equal
a. True b. False Indicate whether the statement is true or false
An increase in the cost of nitrogen fertilizer will
A. shift the supply curve of US corn to the right. B. shift the supply curve of US corn to the left. C. shift the demand curve for US corn to the right. D .shift the demand curve for US corn to the left.
one of the four main categories of spending identified by John Maynard Keynes is net exports
a. true b. false