Consider two activities: Attending economics class and reading an economics textbook. Zack thinks he can learn economics by either attending class or reading the textbook. Zoe knows she learns best by both attending class and reading the textbook. Use indifference curves to illustrate each person's preferences for attending class and reading the text.
What will be an ideal response?
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When the price of a movie ticket falls from $14 to $10, the quantity of tickets demanded increases from 500 to 700 a day. What is the price elasticity of demand for movie tickets? (Use the midpoint method.)
What will be an ideal response?
In-kind transfers
a. are cash payments given to the poor from the government. b. are available to citizens of all income levels, but usually only sought by the poor. c. are non-monetary items given to the poor. d. include food stamps, but not housing vouchers or medical services.
The MPC can be defined as the:
a. Change in income divided by the change in consumption b. Ratio of income to saving c. Change in consumption divided by the change in income d. Ratio of saving to consumption
In order to be able to consume more in the future, you have to consume
A. more consumer goods. B. less today and save the difference. C. fewer capital goods. D. more today to increase supply.