Suppose a new Concordia University graduate will have an annual nominal income of $35,000 for the first year she works. If the annual inflation rate is 10 percent, what salary would she need in the second year to maintain the same real income?

Refer to Table 18-2. The table above lists three policy alternatives that the U.S. Senate will vote on, along with the ranking of these alternates

The Senate must decide which of these alternatives should receive an additional $1 billion of funding, and there is enough money in the federal budget for only one of these alternatives. If a series of votes is taken in which each pair of alternatives is considered (homeland security and education; homeland security and medical research; education and medical research) which of the following will result from these votes? A) The results will illustrate the voting paradox. B) When the vote is between homeland security and education, the Senators will vote for education to receive funding. C) The results from the voting will illustrate the median voter theorem. D) The Senators' votes will demonstrate transitivity.

It is a "given" that an individual firm selling in a perfectly competitive market will take the market price because

A. there are no good substitutes for the firm's product. B. product differentiation is reinforced by extensive advertising. C. the firm's demand curve is downward-sloping. D. each producer supplies a negligible fraction of total market.