Which of the following is classified as a transfer payment and not as income?
(a) Monthly payments received from CIT by your economics lecturer;
(b) Monthly payments received from CIT by scholarship students at CIT;
(c) Monthly payments received by members of the Judiciary;
(d) Dividend payments received by the shareholders of a company.
Answer: (b) Monthly payments received from CIT by scholarship students at CIT;
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Which of the following will cause the price of beer to rise?
A) A shift to the right in the demand curve for beer B) A shift to the left in the supply curve of beer C) both A and B D) none of the above
The most populous country of the globe is:
a. India b. China c. Pakistan d. The EU e. United States
Cindy discovers that when she goes to the beach, she does not have to bring her radio. She can put her blanket near someone who has a radio and listen all day (without having to carry her radio, get sand in her speakers, or buy new batteries). This is an example of:
A. private property abuse. B. external costs. C. a negative externality. D. a positive externality.
Economic models
A) are used to explain how people think. B) are used to explain how people behave. C) are essential representations of the real world. D) are used to explore the thought processes of individuals or groups.