long-run
In the long-run, an increase in consumer desire for strawberries is most likely to:
Raising the severity and certainty of punishment decreases the cheating on examinations. This statement imitates: (1) Misplaced cynicism as this issue is ethical, not economic. (2) Purely normative views of the behavior. (3) Unrealistic expectations regarding student
Under the negative income tax system demonstrated in this figure, a family of four along with no earned income would have a net as after-tax, the income of: (1) $15,000 per year. (2) $10,000 per year. (3) $5,000 per year. (4) $2,500 per year. (5) $0 p
Imagine Roger is contemplating going to school to complete a masters degree in the current period while working part time instead of full time. There are six relevant periods of his work lif, periods t=0,1,2...5. HIs earnings each period if he gets the additional education are given by Yt=100+200t
Whenever the marginal utility of a good becomes negative or zero: (i) Goods are transformed to the bads. (ii) Net utility reaches the maximum and then declines. (iii) The maximum total advantages have been squeezed from good. (iv) People are unwilling
Demand curves graphically depict the relationships which are: (i) Positive among the demand for a good and its relative price. (ii) Negative between the quantity demanded and the opportunity cost of a good. (iii) Positive between income and expenditures. (iv) A horizo
If the demand for a good is price elastic, in that case the percentage change in quantity demanded into response to a specified change within price is: (1) greater than the percentage change in price. (2) positively related to the cha
Though all the time a negative number that the ______ is commonly stated like an absolute value to specify discussions. (w) price elasticity of demand (x) income elasticity of demand (y) price cross elasticity of demand (z) price elasticity of supply<
New agricultural program named as the Payment-in-Kind Program is introduced by the Reagan Administration, in the year of 1983. In order to distinguish how the program performed, consider the wheat market. Had the government not given the whea
A perfectly inelastic demand curve: (w) is an imaginary mathematical construct, and does not exist within reality. (x) corresponds to a perfectly horizontal line. (y) represents a good which absorbs only a small portion of consumers’ budgets. (z
Even when each household’s demand curve didn’t shift, the market demand for the butter would increase if there were a raise in: (1) House-hold income. (2) People’s preferences for the butter. (3) Population. (4) Price of margarine.
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