In the permanent income hypothesis, income is divided into ________
A) current and future income
B) future and transitory income
C) transitory and permanent income
D) permanent and current income
C
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Real gross domestic product (RGDP) differs from gross domestic product (GDP) in that RGDP ______.
a. is adjusted for inflation b. reflects current unemployment figures c. reflects a stable price level d. is always smaller than GDP
A deductible is a fixed amount that the insured person must pay before their insurance kicks in.
Answer the following statement true (T) or false (F)
No economist today would claim that
a. marginal productivity analysis is either just or unjust. b. the marginal productivity theory of distribution is a theory of the demand side of the pertinent market. c. payments are made not to factors of production but to the people who happen to own them. d. a productive input's MRP depends in part on how much of it is employed.
Which one of the following expressions best states the idea of opportunity cost?
A. "A penny saved is a penny earned." B. "He who hesitates is lost." C. "There is no such thing as a free lunch." D. "All that glitters is not gold."