When household incomes are ranked from lowest to highest, the middle income is known as the:
A) median income.
B) mean income.
C) means-tested income.
D) official poverty level.
E) transfer income.
Answer: A) median income.
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"A market is said to be perfectly competitive when consumers can tell that some products are of better quality than others." Do you agree or disagree? Why?
What will be an ideal response?
Elected officials never care about the wishes of the voting public and govern using their own value system.
A. True B. False C. Uncertain
A customs broker or other import consultant can help an importer minimize import duties by ________.
A) bypassing duty rebates available through drawback provisions B) incurring duties by using non-bonded warehouses and foreign trade zones C) maximizing liability by improperly marking an import's country of origin D) valuing products in such a way that they qualify for more favorable duty treatment
Which of the following is a correct statement about a mixed economy?
a. in a mixed economy, most economic decisions are made in markets but the government plays a significant role in the allocation of resources. b. in a mixed economy, most economic decisions are made by the government but markets plays a significant role in the allocation of resources. c. in a mixed economy, all economic decisions are made in markets. d. in a mixed economy, the government makes all economic decisions.