A decrease in the price of GPS systems will result in
A) a larger quantity of GPS systems supplied. B) a decrease in the demand for GPS systems.
C) a smaller quantity of GPS systems supplied. D) an increase in the supply of GPS systems.
C
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A distinguishing characteristic of public transfer payments is that they ________.
A. involve no contribution to current production in return for the payment B. include the cost of maintaining public parks C. are counted as part of government purchases in the calculation of the gross domestic product D. include wages to government workers
Assume that you own a lake house. Unfortunately your job will require that you spend the summer on the road and you won't be able to enjoy it. You decide that you will rent it out for the summer while you are working
The mortgage payment on the lake house is $1000 per month and the upkeep and maintenance if it is occupied is $200 month but zero if it is not rented. What is the minimum rent that you would be willing to receive and why? What information is irrelevant in your decision? Explain.
A popular video program, used to teach primary school children about economics, defines scarcity as "when you don't have enough of something." Evaluate this definition based on your understanding of the scarcity concept
Who is likely to be in favor of a country that would be a net-importer if it moved from autarky to free trade?
A. Foreign consumers B. Foreign governments. C. Domestic producers D. Domestic consumers