A supply curve for a good illustrates the production choices of a firm based on average costs
a. True
b. False
Indicate whether the statement is true or false
False
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The income that people receive is called
a. national income b. personal income c. disposable personal income d. transfer payments e. net national product
Economic forces:
A. give rise to scarcity. B. are not related to scarcity. C. are a reaction to scarcity. D. are not related to rationing.
Related to the Economics in Practice on page 283. The 'basic economy' fare discussed in the Economics in Practice is an example of
A. illegal pricing. B. price discrimination. C. unfair pricing. D. monopoly pricing.
Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below.
If the government provides a subsidy of $500 per ton, then relative to before the subsidy, consumer surplus will ________ by ________ per day.
A. decrease; $500 B. decrease; $1,000 C. increase; $5,000 D. increase; $1,000