A decline in real income
a. can occur only if there is a decline in nominal income
b. can occur only if there is an increase in the price level
c. can occur only if there is either a decline in nominal income or an increase in the price level
d. cannot occur if there is either an increase in nominal wages or a decline in the price level
e. can occur only if there is a decline in the price level
C
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A restaurant charges its customers 12% of the total food price as tax. This is an example of a ________ tax
A) payroll B) wealth C) property D) sales
In 2014, the price of peanuts was rising, which led peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future Consequently, in the current market for peanut butter there was ________ which resulted in a ________ in the price of peanut butter and ________ in the quantity of peanut butter.
A) a decrease in supply of peanut butter and an increase in demand for peanut butter; rise; an increase, decrease or possibly no change B) a decrease in supply of peanut butter and a decrease in demand for peanut butter; rise, fall, or possibly no change; a decrease C) an increase in supply of peanut butter and a decrease in demand for peanut butter; fall; an increase, decrease or possibly no change D) a decrease in supply of peanut butter and an increase in demand for peanut butter; fall; an increase, decrease or possibly no change