If televisions are normal goods, a fall in income will
a. Increase the demand for cars
b. Decrease the demand for cars
c. Have no effect on the demand for cars
d. None of the above
b
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An asset is anything of value owned by a person or firm
Indicate whether the statement is true or false
Retained earnings is income that
a. households retain after paying taxes. b. businesses retain after paying taxes. c. corporations have earned but have not used to invest in plant, equipment, and inventories. d. corporations have earned but have not paid out to their owners.
The aggregate demand curve shows the relationship between the volume of purchases and:
a) The price level. b) Which goods and services people will buy. c) The amount producers supply. d) Real GDP.
Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 The opportunity cost of moving one miner from Middle Drift to another mine is:
A. 5 tons per day. B. 1 ton per day. C. 4 tons per day. D. 3 tons per day.