The debtor obligated to debt repayments larger than his greatest possible earnings
A. could be imprisoned under current U.S. bankruptcy law.
B. has little incentive to work in order to repay the debt.
C. will repay the debt in order to avoid being called a "deadbeat."
D. will have to work overtime or a second job to repay the debt.
Answer: B
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A ham and cheese sandwich at the local deli costs $4.99 in 2005. If the CPI in 2005 was 90.0 and the CPI today is 121.0, the equivalent price for the ham and cheese sandwich today is
A) $6.71. B) $5.29. C) $4.99. D) $6.04. E) $5.54.
Lizzie's budget line is shown in the figure above. If the price of a cookie falls, the budget line
A) shifts rightward and its slope does not change. B) shifts leftward and its slope does not change. C) becomes flatter. D) becomes steeper.
A monopolistic competitive firm is inefficient because the firm:
a. earns positive economic profit in the long run. b. is producing at an output corresponding to the condition that marginal cost equals price. c. is not maximizing its profit. d. produces an output where average total cost is not minimum.
You watch a lot of HGTV during your summer vacation, and you notice that most housing buyers list granite countertops in their "must have" lists when buying a new or existing house. You expect the demand for
a. granite countertops to shift to the left. b. granite countertops to shift to the right. c. substitute products such as marble countertops to shift to the right. d. substitute products such as marble countertops to be unaffected by buyers' preferences for granite.