An example of income earned but not received is
A) welfare payments.
B) Social Security payments.
C) undistributed profits.
D) a and b
E) a, b, and c
C
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The above table gives the demand and supply schedules for cat food. If the price is $3
00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?
The overall welfare effects of trade are ________ if ________
A) positive; those who gain can compensate those who lose and still be better off B) positive; more people gain from trade than lose from it C) negative; some people are made worse off by trade D) negative; those who lose can compel those who gain to compensate them for their losses E) positive; the domestic economy grows faster than do foreign economies
If you were told the MPC was = 0.75 and the government engaged in a tax decrease of $400B, then the initial change in GDP would be:
A. $400B. B. $1600B. C. $300B. D. $1200B
Sierra likes chocolate-covered deviled eggs. After eating 10 chocolate-covered deviled eggs, she switches to strawberry ice cream covered in sauerkraut. We can conclude that
A. the chocolate-covered deviled eggs now have a negative marginal utility. B. Sierra is minimizing her utility. C. the chocolate-covered deviled eggs made Sierra sick. D. at this point, the chocolate-covered deviled eggs have a lower marginal utility per dollar spent than that of strawberry ice cream covered in sauerkraut.