If money income increases, a consumer's budget line
A) becomes flatter.
B) becomes steeper.
C) shifts rightward and its slope does not change.
D) shifts leftward and its slope does not change.
C
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A firm that was initially a monopsonist, but now has to buy from a competitive resource market will:
a. buy more amount of resources and pay a higher price for these resources. b. buy the same amount of resources and pay a higher price for these resources. c. buy less amount of resources and pay a lower price for these resources. d. buy less amount of resources and pay a higher price for these resources. e. buy more amount of resources and pay a lower price for these resources.
Which of the following statements is not correct?
a. All states have state income taxes, but the percentages vary widely. b. Sales taxes and property taxes are important revenue sources for state and local governments. c. Medicare spending has increased because the percentage of the population that is elderly and the cost of healthcare have both increased. d. A budget deficit occurs when government spending exceeds government receipts.