23. The difference between a price increase and a decrease in income is that: A. a...
23. The difference between a price increase and a decrease in income is that:
A. a decrease in income does not affect the slope of the budget
line, while an increase in price does change the slope.
B. a price increase does not affect the consumption of other goods,
while a decrease in income does.
C. a price increase will increase real income, while a decrease in
income will increase real income.
D. None of the preceding statements is correct.
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23. The difference between a price increase and a decrease in
income is that:
A. a...
1. Explain how a consumer's income and the prices of goods limit consumption possibilities. A change in...
1. Explain how a consumer's income and the prices of goods limit consumption possibilities. A change in the prices of goods ______ and a change in a consumer's income ______. A. has no effect on the budget line; changes the slope of the budget line B. shifts the budget line; has no effect on the budget line C. shifts the budget line; changes the slope of the budget line D. changes the slope of the budget line; shifts the budget line 2. Everything else remaining the same, consumption possibilities...
If an 8% decrease in price leads to a 4% increase in the quantity demanded of...
If an 8% decrease in price leads to a 4% increase in the quantity demanded of the good, as a result of the price change, the total revenue for this product will: a) decrease b) increase c) not change d) double If a 12% increase in price leads to a 6% decrease in quantity demanded of the good, as a result of the price change, the total revenue for the product will: a) not change b) decrease c) increase d)...
1) The law of demand indicates that as the price of a good decrease, the quantity...
1) The law of demand indicates that as the price of a good decrease, the quantity A. Buyers desire increase B. Buyers desire decrease C. Producers offer to the market decreases D. Producers offer to the market increase 2) List all the factors of demand and explain 4. 3) Substitute good are ones in which an increase in the A. Price of one good leads to an increase in the demand for the other good B. Price of one good...
4. Based on our understanding of the model presented in Chapter 3, we know that an increase in cl (where C c0+ elYD...
4. Based on our understanding of the model presented in Chapter 3, we know that an increase in cl (where C c0+ elYD) will cause )a the ZZ line to become flatter. )cagiven change in autonomous consumption (c0) to have a larger effect on output ) b. the ZZ line to become steeper ) da given change in autonomous consumption (c0) to have a larger-effect on output Opater 5. Suppose the consumption equation is represented by the following: C-250 +...
If an increase in income results in a decrease in the quantity demanded of a good then for that good, the a cross-p...
If an increase in income results in a decrease in the quantity demanded of a good then for that good, the a cross-price elasticity of demand is negative b. income elasticity of demand is positive. price elasticity of demand is elastic d income elasticity of demand is negative. 9. if the cross-price elasticity of demand for two goods is 1.25, then a the two goods are luxuries. b. the demand for one of the goods conforms to the law of...
In the short run, a decrease in consumption will cause a(n) a) increase in price and...
In the short run, a decrease in consumption will cause a(n) a) increase in price and output levels b) decrease in price and output levels c) decrease in the price level and no change in output d) increase in the price level and a decrease in output
22-23 "If supply and demand both decrease, quantity will decrease and price will: increase decrease not...
22-23
"If supply and demand both decrease, quantity will decrease and price will: increase decrease not change changes are not determinable QUESTION 23 mf supply decreases and demand increases, quantity wil increase or decrease depending on the relative magnitudes of the shifts decrease increase remain unchanged
21. A positive income elasticity of demand coefficient indicates that a. a product is an...
21. A positive income elasticity of demand coefficient indicates that a. a product is an inferior good b. two products are substitute goods c. two products are complementary goods d. a product is a normal good 22. All the combinations of two products that will yield the same total utility to a consumer are reflected in a. the budget line b. the marginal rate of substitution c. an indifference curve d. the...
the difference between real and nominal income arises because of the existence of 6) The difference...
the difference between real and nominal income arises because
of the existence of
6) The difference between real and nominal income arises because of the existence of _ A) people that do not report all their earnings B) the capital consumption allowance and corporate profit C) price changes D) depreciation and indirect business taxes
2) If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely A) shift...
2) If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely A) shift leftward. B) shift rightward. C) become flatter. D) become steeper. 3) If the price of automobiles were to decrease substantially, the demand curve for automobiles would most likely A) shift rightward. B) shift leftward. C) remain unchanged. D) become steeper. 4) Suppose a market were currently at equilibrium. A rightward shift of the demand curve would cause A) an increase...
4. Based on our understanding of the model presented in Chapter 3, we know that an increase in cl (where C c0+ elYD) will cause )a the ZZ line to become flatter. )cagiven change in autonomous consumption (c0) to have a larger effect on output ) b. the ZZ line to become steeper ) da given change in autonomous consumption (c0) to have a larger-effect on output Opater 5. Suppose the consumption equation is represented by the following: C-250 +...
If an increase in income results in a decrease in the quantity demanded of a good then for that good, the a cross-price elasticity of demand is negative b. income elasticity of demand is positive. price elasticity of demand is elastic d income elasticity of demand is negative. 9. if the cross-price elasticity of demand for two goods is 1.25, then a the two goods are luxuries. b. the demand for one of the goods conforms to the law of...
22-23
"If supply and demand both decrease, quantity will decrease and price will: increase decrease not change changes are not determinable QUESTION 23 mf supply decreases and demand increases, quantity wil increase or decrease depending on the relative magnitudes of the shifts decrease increase remain unchanged
the difference between real and nominal income arises because
of the existence of
6) The difference between real and nominal income arises because of the existence of _ A) people that do not report all their earnings B) the capital consumption allowance and corporate profit C) price changes D) depreciation and indirect business taxes
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