Increasing income tax rates will solve the "Social Security time bomb issue" is an example of
A) a positive economic statement.
B) marginal cost exceeding marginal benefit.
C) answering the "how" question.
D) globalization.
E) business economic policy.
A
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Which of the following have to be true about functions in the duality picture:
A. The expenditure function is homogeneous of degree 1 in prices. B. The compensated demand functions are homogeneous of degree 1 in prices. C. The uncompensated demand functions are homogeneous of degree 1 in prices. D. Both (a) and (b). E. Both (b) and (c). F. Both (a) and (c). G. All of the above. H. None of the above.
Bart consumes food and clothing, which are both normal goods. Suppose that the price of food falls. The substitution effect of this price decrease is ________ and the income effect of this price decrease is ________
A) that Bart buys more clothing and less food; that Bart buys more of both food and clothing B) reflected by a change in the relative prices of food and clothing; is represented by a movement along the original indifference curve C) reflected by a parallel shift outward of the budget line; that Bart earns more money each month D) reflected by the change in the slope of the budget line; that Bart has greater purchasing power
"Economic growth" has occurred if
A) inflation rate between this year and last year is zero or less. B) GDP this year exceeds the Real GDP this year. C) unemployment rate this year is above the natural rate of unemployment. D) Real GDP this year is greater than Real GDP last year.
The Bureau of Labor Statistics places people in the "employed" category if they
a. are temporarily absent from their jobs. b. are self-employed. c. work without pay in a family member's business. d. All of the above are correct.