There are two goods in the economy, apples and bread. The relative price of apples has increased. This could be due to
A) an increase in the absolute price of apples, ceteris paribus.
B) a decrease in the absolute price of bread, ceteris paribus.
C) a decrease in the absolute price of apples, ceteris paribus.
D) an increase in the absolute price of bread, ceteris paribus.
E) a and b
E
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Which of the following is TRUE regarding the distribution of wealth and the distribution of income?
A) The distribution of wealth is a less accurate measure of inequality because it excludes human capital. B) The distribution of wealth is a more accurate measure of inequality because it includes houses. C) The distribution of income is a less accurate measure of inequality because it excludes the value of things you own. D) The distribution of income is a less accurate measure of inequality because not everyone has a job.
Specific tariffs are
A) import taxes stated in specific legal statutes. B) import taxes calculated as a fixed charge for each unit of imported goods. C) import taxes calculated as a fraction of the value of the imported goods. D) the same as import quotas. E) import taxes calculated based solely on the origin country.