A decrease in the demand for eggs caused by concerns over cholesterol is most likely attributable to which demand shifter?
A) income
B) prices
C) consumer preferences
D) prices of other goods
Answer: C) consumer preferences
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For Product X, the income elasticity of demand is 1.16. Which of the following is therefore definitely TRUE?
A) Product X is a necessity. B) Product X is income elastic. C) Product X is a substitute for some other good. D) Product X is something that mostly poor people will buy.
In constructing the consumer price index for the current year
A. the average price of a "bundle" of goods purchased in a base year is divided by the prices of the same bundle that existed during the current year. B. the average price of a "bundle" of goods purchased during a base year is divided into the price that existed in the current year. C. the total cost of a "bundle" of goods purchased in a base year is divided by the cost of the same bundle that existed during the current year. D. the total cost of a "bundle" of goods purchased in a base year is divided into the cost of the same bundle that existed during the current year.
When one individual writes a check to another individual the money supply will not be changed.
Answer the following statement true (T) or false (F)
A government-sponsored good is often
A) produced by the government. B) subsidized. C) taxed. D) advertised.