Income that is received but not earned is known as
a. transfer payments
b. personal income
c. national income
d. disposable income
e. depreciated income
A
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Moving rightward along a straight line, the slope of the line
A) always increases. B) always decreases. C) stays the same. D) increases if the line slopes upward to the right. E) decreases if the line slopes downward to the right.
The fact that people with higher incomes get to consume more goods and services addresses the ________ part of one of the two big economic questions
A) "for whom" B) "when" C) "where" D) "how"
Suppose a wind turbine is located in a residential area. The noise from the turbine imposes a cost on the households that live near the turbine. However, if the turbine company has to reduce the noise level, it has to incur huge costs, which will significantly reduce the value of the turbine operation. According to the Coase Theorem, which of the following is the best solution? a. The turbine
company should be assigned the property rights to operate in the locality. b. The households in the locality should be assigned the property rights to stop any noise pollution from the turbine operation. c. The government should impose a command-and-control regulation. d. The property rights can be given to either party, provided the rights are clearly specified.
The "miracle" of the market, as addressed in your text, refers to the countless goods and services of great complexity made abundantly available
A) under conditions of massive ignorance. B) with a minimum number of errors and mistakes. C) with few losses and bankruptcies. D) with no systematic or scientific way of explaining how it happens.