Economic growth was stimulated by suburbanization
A. in the first five years after World War II.
B. in the 15 years following World War II.
C. from the mid 1960s to the mid 1970s.
D. after the Persian Gulf War.
B. in the 15 years following World War II.
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If you overhear a group of people talking about their plans to save for their retirement and one of them says that it causes them to save less because, as they reason it, "the government is saving for me," you would attribute this to the
A. asset substitution effect. B. induced retirement effect. C. slovenly effect. D. bequest effect.
Answer the following statement(s) true (T) or false (F)
1. If the consumer chooses not to purchase potatoes, then the marginal value of potatoes must be less than or equal to the relative price of potatoes. 2. The steeper the indifference curve, the greater the marginal value of a good. 3. If a person is willing to trade one good for another, their new basket after the trade must lie on a lower indifference curve than their original basket. 4. Along a convex indifference curve, the marginal value of a good rises as the quantity of the good rises. 5. When using the composite good convention all other goods are measured in terms of dollars.
Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $2.25 tax on suppliers, which results in a shift of the supply curve from S1 to S2. How much of the total tax revenue is paid by the buyer?
A. $675 B. $375 C. $750 D. $300
Every spring, motorists do more driving than during the winter months. Every spring, the price of gasoline increases and the motorists buy more gasoline. This experience suggests that the
A) "law of supply" does not always hold for necessities like gasoline. B) "law of demand" does not always hold for necessities like gasoline. C) laws of supply and demand are both contradicted for gasoline, though only during the spring driving season. D) None of the above answers are correct.