Economic growth is caused by:

Assume the CPI increases from 100 to 120 and a person’s Nominal Income increases from $40,000 to $42,000 over the same period. This person’s Real Income has:

America’s annual output has grown ____ America’s population.

Statement 1: Most economies on the planet today are organized as free market economies.Statement 2: Both the United States and China are examples of mixed economies.

Suppose a new law requires all body piercing studios to pass tougher licensing tests and to begin using more costly sterilization methods. This law would likely cause:

  IF the price of a tube of lipstick was currently $4, then there would be:

In Economics, we claim that demand for a product exists when:

Which of the following is NOT TRUE about the equilibrium price in a Competitive Market?

Opportunity Cost is:

Your Real Income is: