A government tax rebate of $1,000 would ________ your disposable income by ________
A) decrease; $1,000 B) increase; less than $1,000
C) decrease; less than $1,000 D) increase; $1,000
D
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The lower the price of medical care in general, the higher the ____________________________ medical care and the ______________________ specific items that make up medical care (such as x-rays). The result will be a _______________ price for the specific items that make up medical care
A) quantity demanded of; higher the demand for; higher B) demand for; higher the demand for; higher C) quantity demanded of; lower the demand for; lower D) demand for; higher the quantity demanded of; higher
If the government legislates a price ceiling that is above the equilibrium price
A. a shortage will develop. B. some non-price method of rationing will develop. C. market price and quantity sold will be unaffected. D. a surplus will develop.
A positive externality is:
A. an external cost that affects the buyer. B. a benefit that affects the buyer, not the seller. C. an external cost that affects the seller. D. an external benefit.
In the short run, the monopolistically competitive firm will experience:
A. economic profits or losses, but in the long run only an economic profit. B. economic profits or losses, but in the long run only a normal profit. C. a normal profit, but in the long run only an economic profit. D. an economic profit, and also one in the long run.