Gross income net of taxes is known as ________
A) Gross Domestic Product, or GDP
B) disposable income
C) Gross Domestic Product per capita
D) retained earnings
B
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Philosopher John Rawls developed a thought experiment to help determine a standard by which we could say individuals are in agreement with the constitutional rules and, thus, actions of government. Behind his "veil of ignorance" _____
a. people know nothing about their friends and family b. people know nothing about themselves c. people know nothing about causal relationships d. people know nothing about politics
Which of the following examples would lead to a lower equilibrium price?
a. a report showing the health advantages of eating organic produce b. beef contaminated with a deadly disease c. an earthquake destroying a rice crop d. a tsunami wiping out a pineapple crop
Which of the following are complementary goods?
A. trucks and sedans B. sport utility vehicles and gasoline C. white wine and red wine D. butter and margarine
Sarah gets a salary increase. Before her raise, she purchased 5 pounds of fish and 1 pound of beef stew a month. After her raise, she consumes 2 pounds of fish and 3 pounds of beef stew a month. If everything else is held constant, we know that
A) fish is an inferior good and beef stew is a normal good for Sarah. B) fish is a normal good and beef stew is an inferior good for Sarah. C) both fish and beef stew are normal goods for Sarah. D) both fish and beef stew are inferior goods for Sarah.