Explain whether the following statement is true, false, or uncertain. A consumer consumes two categories of...
Explain whether the following statement is true, false, or uncertain. A consumer consumes two categories of goods x and y. If an increase in the price of y does not increase the consumer's consumption of x, then this consumer must consider x to be an inferior good.
Homework Answers
False.
When goods are complements like bread and butter,then a rise in price of bread does not increase the demand for butter.On the contrary the demand for butter falls.
Add Answer to:
Explain whether the following statement is true, false, or
uncertain. A consumer consumes two categories of...
1) Choose whether this statement is true or false and explain please a. In a two-good...
1) Choose whether this statement is true or false and explain please a. In a two-good world if one good is an inferior good the other good must be a luxury. b. When the price of a good changes, the substitution effect can be found by comparing the equilibrium quantities purchased on the new budget line and a hypothetical budget line that is a shift back to the original indifference curve parallel to the new budget line. c. A Giffen...
TRUE-FALSE-UNCERTAIN For each of the following claims, indicate whether it is true or false, or whether...
TRUE-FALSE-UNCERTAIN For each of the following claims, indicate whether it is true or false, or whether it could be either one, depending on circumstances. Then, explain why. Your grade will depend on your explanation. Try to make sure your explanation is not only correct but thorough. In particular, if a statement is false for more than one reason, discuss all those reasons (even though, logically, it takes just one contradiction to make the entire statement false). Doing this will prepare...
Suppose Norah consumes only two goods, x and y. Which of the following statements MUST be...
Suppose Norah consumes only two goods, x and y. Which of the following statements MUST be true? (Note, consider each statement independently) 1. If the price of x increases keeping income and price of y fixed, she will consume more of x if x is inferior good. II. If the price of x increases keeping income and price of y fixed, she will consume more of y if y is an inferior good. III. If the price of y increases...
Indicate whether you consider each of the following statements to be true, false or uncertain, and...
Indicate whether you consider each of the following statements
to be true, false or uncertain, and then explain your answers
1. [ 8 points) Gross National Product (GNP) is higher than Gross Domestic Product (GDP) for an economy. 2. [ 8 points] An increase in the price level (such as GDP price index) will shift the IS curve to the right. 3. [ 8 points] Monetary policy is more effective when the LM curve is relatively steeper. 4. [ 8...
INDICATE WHETHER THE STATEMENT IS TRUE OR FALSE. If there are two goods and the prices...
INDICATE WHETHER THE STATEMENT IS TRUE OR FALSE. If there are two goods and the prices of both goods rise, then the budget line must become steeper. A decrease in income pivots the budget line around the bundle initially consumed. If all prices are doubled and money income is left the same, the budget constraint does not change because relative prices do not change. If good 1 is on the horizontal axis and good 2 is on the vertical axis,...
1. Answer four of the following. In each case answer True, False or Uncertain and explain...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increases as you increase x but at a diminishing rate. Based only on the information provided then y-x would be a valid representation of this firms production function (b) Consider the system of...
For each statement, decide whether it is True, False or Uncertain and explain why briefly 1-...
For each statement, decide whether it is True, False or Uncertain and explain why briefly 1- Y=w*L + r *K , where Y is GDP, is this equation true? And if it is, can you explain the intuition? 2- Output is a function of Capital and Labor. In the Solow growth model, you can save and grow your capital indefinitely, and then your economy will always grow and standards of living will rise forever. 3- In the neoclassical model, government...
Explain why each of the following statements is True, False, or Uncertain according to economic principles....
Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important. a. An increase in consumer incomes will result in an increase in the price of any consumer goods. b. If the unemployment rate decreases, we can be sure that the number of unemployed workers has decreased.
Problem 4 Please determine whether the following statement is true or false and explain your answer...
Problem 4 Please determine whether the following statement is true or false and explain your answer using both intuition and graph (if the statement is false, you have to provide the counterexample, if true - all possible cases) Substitution effect is always higher than income effect for the inferior good (consider only monetary income) DE
1. Explain whether the following statement is true, false, or uncertain. Be explicit about your assumptions....
1. Explain whether the following statement is true, false, or uncertain. Be explicit about your assumptions. Support your answer by a graph. "If a person is a lender and the interest rate rises, he or she will remain a
TRUE-FALSE-UNCERTAIN For each of the following claims, indicate whether it is true or false, or whether it could be either one, depending on circumstances. Then, explain why. Your grade will depend on your explanation. Try to make sure your explanation is not only correct but thorough. In particular, if a statement is false for more than one reason, discuss all those reasons (even though, logically, it takes just one contradiction to make the entire statement false). Doing this will prepare...
Suppose Norah consumes only two goods, x and y. Which of the following statements MUST be true? (Note, consider each statement independently) 1. If the price of x increases keeping income and price of y fixed, she will consume more of x if x is inferior good. II. If the price of x increases keeping income and price of y fixed, she will consume more of y if y is an inferior good. III. If the price of y increases...
Indicate whether you consider each of the following statements
to be true, false or uncertain, and then explain your answers
1. [ 8 points) Gross National Product (GNP) is higher than Gross Domestic Product (GDP) for an economy. 2. [ 8 points] An increase in the price level (such as GDP price index) will shift the IS curve to the right. 3. [ 8 points] Monetary policy is more effective when the LM curve is relatively steeper. 4. [ 8...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increases as you increase x but at a diminishing rate. Based only on the information provided then y-x would be a valid representation of this firms production function (b) Consider the system of...
For each statement, decide whether it is True, False or Uncertain and explain why briefly 1- Y=w*L + r *K , where Y is GDP, is this equation true? And if it is, can you explain the intuition? 2- Output is a function of Capital and Labor. In the Solow growth model, you can save and grow your capital indefinitely, and then your economy will always grow and standards of living will rise forever. 3- In the neoclassical model, government...
Problem 4 Please determine whether the following statement is true or false and explain your answer using both intuition and graph (if the statement is false, you have to provide the counterexample, if true - all possible cases) Substitution effect is always higher than income effect for the inferior good (consider only monetary income) DE
1. Explain whether the following statement is true, false, or uncertain. Be explicit about your assumptions. Support your answer by a graph. "If a person is a lender and the interest rate rises, he or she will remain a
Most questions answered within 3 hours.
-
C++
Write a class Fraction that defines adding, subtracting,
multiplying, and dividing fractions by overloading standard...
asked 1 minute ago -
This java code won't run and I can't figure out the problem with
it. Please help...
asked 53 minutes ago -
Trace the following recursive methods:
a) isPal with the string “abccda”
b) isAnBn with the string...
asked 1 hour ago -
1. Which of the following is false about photosynthesis?
A. ATP is the molecule used to...
asked 2 hours ago -
A simple random sample of size n=64 is obtained from a
population with a mean of...
asked 3 hours ago -
(2 dimensions, 1 object, 2 accelerations)
1) A projectile is thrown with a wind. The wind...
asked 4 hours ago -
Brian makes $34,100 per year. How much can Brian expect to
contribute to FICA taxes in...
asked 5 hours ago -
To buy a new house you must borrow $155,000. To do this you take
out a...
asked 5 hours ago -
Spacely Sprockets is evaluating the construction of a new plant
on land the company purchased for...
asked 6 hours ago -
1. Consider a linear regression model of y on K regressors and
an intercept.
(i) Describe...
asked 6 hours ago -
Enter a balanced equation for the reaction between hydrochloric
acid and sodium sulfite.
Express your answer...
asked 6 hours ago -
Give a regular expression describing the language
{x | x ∈ Σ* and x does not...
asked 6 hours ago