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When people hake more money, they sometimes take more vacation time. Based on this information, we...
2 people A and B earn the same wage rate and the same preferences, but B...
2 people A and B earn the same wage rate and the same preferences, but B has higher non-labor income than A. If you notice that B works more hours than A then you know that for A and B, leisure is normal o B inferior Giffen Can't tell because we don't have additional information (e.g. size of the substitution effect) Dan's preferences over consumption and leisure are captured by uſc, l) = Ac">10.5. If the wage rate changes by...
The tragedy of the commons leads to underutilized resources. occurs when club goods are produced. occurs...
The tragedy of the commons leads to underutilized resources. occurs when club goods are produced. occurs when public goods are provided. gives rise to a positive externality. gives rise to a negative externality. When people move to an area of the world that was previously unpopulated, we expect more consumers and more producers to spring up in that area. What would we expect to happen to the price and quantity in the markets where this happens? The equilibrium price will...
Would we expect the "average" person to take more time to learn about the car he...
Would we expect the "average" person to take more time to learn about the car he or she is considering purchasing or about the issues in the upcoming U.S. Senate race in his or her state? a. The Senate race, because it is critical that we elect the right people to government. b. The car, but there is no rational reason for this. c. The Senate race, because the person who is elected senator today may become president tomorrow. d....
ugh there is no time limit except for the due date itself, you may only take this homework Question 1 2 pts...
ugh there is no time limit except for the due date itself, you may only take this homework Question 1 2 pts According to the class, why does the AD curve have a negative slope? When P rises, people substitute away from more expensive goods and services so AD decreases When P rises, the purchasing power of income falls so AD decreases When Prises, G decreases which means AD decreases When Prises, the suply of money shifts left sor falls...
D Question 1 1 pts Consider the market for raspberries in Australia. Which of the following...
D Question 1 1 pts Consider the market for raspberries in Australia. Which of the following would most likely lead to a decrease in demand O A decrease in the price of gooseberries, a substitute for raspberries. An increase in the price of blueberries, a complement for raspberries A decrease in income if raspberries are an inferior good. O A severe frost that destroys most of the Tasmanian raspberry crop. Both a and b are correct. DI Question 2 1...
When the income elasticity of demand for a good is negative, one can correctly conclude that:...
When the income elasticity of demand for a good is negative, one can correctly conclude that: total revenue will decrease when the price increases. the good is a substitute. the good is a complement. the good is a normal good. the good is an inferior good. As the price is raised along a straight-line demand curve, the demand curve becomes more elastic. True False Income elasticity of demand is expected to be _____. relatively high for necessities relatively low for...
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units....
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units. The price elasticity of supply in this price range is (use the Midpoint Formula): Multiple Choice a.0.3 b.0.67 c.1.5 d.3.33 10. When any change in price results in an infinite change in quantity demanded: Multiple Choice a.price elasticity of supply is zero. b.demand is perfectly elastic. c.demand is perfectly inelastic. d.price elasticity of supply is infinite. 12. Over a longer period of time: Multiple...
Based on information from a previous study, r = 34 people out of a random sample...
Based on information from a previous study, r = 34 people out of a random sample of n = 101 adult Americans who did not attend college believe in extraterrestrials. However, out of a random sample of n2 = 101 adult Americans who did attend college, '2 = 47 claim that they believe in extraterrestrials. Does this indicate that the proportion of people who attended college and who believe in extraterrestrials is higher than the proportion who did not attend...
Question 1 (1 point) (1 Point) We assume that the representative consumer's preferences exhibit the properties...
Question 1 (1 point) (1 Point) We assume that the representative consumer's preferences exhibit the properties that Oa) they evolve over time and that more is always preferred to less. Ob) more is sometimes preferred to less and that consumption and leisure are both normal goods c) more is preferred to less and that the consumer prefers diversity d) the consumer likes diversity and that more is sometimes preferred to less. Question 2 (1 point) (1 Point) A good is...
2 people A and B earn the same wage rate and the same preferences, but B has higher non-labor income than A. If you notice that B works more hours than A then you know that for A and B, leisure is normal o B inferior Giffen Can't tell because we don't have additional information (e.g. size of the substitution effect) Dan's preferences over consumption and leisure are captured by uſc, l) = Ac">10.5. If the wage rate changes by...
ugh there is no time limit except for the due date itself, you may only take this homework Question 1 2 pts According to the class, why does the AD curve have a negative slope? When P rises, people substitute away from more expensive goods and services so AD decreases When P rises, the purchasing power of income falls so AD decreases When Prises, G decreases which means AD decreases When Prises, the suply of money shifts left sor falls...
D Question 1 1 pts Consider the market for raspberries in Australia. Which of the following would most likely lead to a decrease in demand O A decrease in the price of gooseberries, a substitute for raspberries. An increase in the price of blueberries, a complement for raspberries A decrease in income if raspberries are an inferior good. O A severe frost that destroys most of the Tasmanian raspberry crop. Both a and b are correct. DI Question 2 1...
Based on information from a previous study, r = 34 people out of a random sample of n = 101 adult Americans who did not attend college believe in extraterrestrials. However, out of a random sample of n2 = 101 adult Americans who did attend college, '2 = 47 claim that they believe in extraterrestrials. Does this indicate that the proportion of people who attended college and who believe in extraterrestrials is higher than the proportion who did not attend...
Question 1 (1 point) (1 Point) We assume that the representative consumer's preferences exhibit the properties that Oa) they evolve over time and that more is always preferred to less. Ob) more is sometimes preferred to less and that consumption and leisure are both normal goods c) more is preferred to less and that the consumer prefers diversity d) the consumer likes diversity and that more is sometimes preferred to less. Question 2 (1 point) (1 Point) A good is...
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