When prices rise, what happens to income?
a. It goes down.
b. It buys less.
c. It rises to meet prices.
d. It is used to buy different things.
Ans: b. It buys less.
Economics
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If a good has zero external costs, then
A) marginal social cost equal marginal private cost. B) marginal social cost is greater than marginal private cost. C) marginal social cost is less than marginal private cost. D) we need more information to determine the relationship between private and social costs.
Economics
Food stamps and Medicaid are examples of
a. money transfers b. resource earnings c. in-kind transfers d. tax expenditures e. capital gains
Economics