Decrease in stock market wealth will ________ the expenditure curve:
A) decrease.
B) increase.
C) not change.
D) none of the above.
A
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Mark loves ice cream. At any point in time, he will buy an additional ice cream cone if
A) the marginal benefit from it exceeds the price. B) the marginal benefit from it is zero. C) his willingness to pay is less than the price. D) there is no deadweight loss produced by his purchase of a cone. E) None of the above answers is correct.
What's another word for "marginal"?
A) Phenomenal B) Additional C) Sentimental D) Detrimental E) Magical
The IS curve shows the combinations of output and the real interest rate for which
A) the goods market is in equilibrium. B) the labor market is in equilibrium. C) the financial asset market is in equilibrium. D) an increase in output will cause the market-clearing interest rate to be bid up.
What does it mean to say the labor supply is backwards bending? How does this relate to the direction and magnitude of the income and substitution effects? Will the labor supply be backwards bending if leisure is a normal good?
Will it be backwards bending if leisure is an inferior good?