A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by GM on the horizontal axis. The price of a pound of cucumbers remains constant as the quantity of new cars sold increases
The graph of these data is A) a horizontal line.
B) a vertical line.
C) a curve with a maximum.
D) a positively-sloped line.
A
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Suppose Adam Einberg pays $100 for a ticket to a new Broadway play and $100 was the maximum price he was willing to pay. On the day of the performance of the play Adam refuses to sell the ticket for $150
How would behavioral economists explain Adam's refusal to sell his ticket? A) Adam's tastes had changed from the time he bought the ticket to the time of the performance of the play. B) Adam's income probably increased between the time he bought the ticket and the day of the play's performance. C) The endowment effect explains Adam's actions. People like Adam seem to value things that they have more than the things they do not have. D) When Adam bought the ticket he was being unrealistic about his future behavior.
Describe some of the advantages and disadvantages of each of the following schools: linear stages, structural change, dependence and neoclassical
What will be an ideal response?
Historical data shows that if consumption increases by $80 billion when national income rises from $100 billion to $200 billion, then consumption will increase by less than $80 billion when national income rises from $200 billion to $300 billion
Indicate whether the statement is true or false
Which region has the lowest GDP per capita?
a. South Asia b. Latin America and Caribbean c. Sub-Saharan Africa d. Europe and Central Asia