Which of the following is NOT an example of consumer behavior consistent with the standard assumptions of microeconomic theory?
A) A concern for fairness can influence purchasing patterns.
B) When demand increases, all else being equal, consumers expect price to rise.
C) After a snowstorm, the demand for snow shovels increases.
D) Snow shovels and snow plows are substitute goods.
E) none of the above
A
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Refer to the figure above. With the tariff, the quantity of imports falls to
A) 10,000 units. B) 12,000 units. C) 14,000 units. D) 22,000 units.
Americans whose jobs have been lost to free trade should, in theory:
A. leave the workforce, in the long run. B. gain surplus, as the income effect outweighs the price effect of their labor. C. be able to find new jobs, given time. D. have extended bouts of unemployment due to static job skills.
Which of the following pairs is the most likely to exhibit an inverse relationship?
a. The amount of time you study and your grade point average. b. People's annual income and their expenditure on personal computers. c. Baseball players' salaries and their batting averages. d. The price of a concert and the number of tickets people purchase.
Economic analysis indicates that the increasing government expenditures and growth of third-party payments accompanying the Medicare and Medicaid programs
a. reduced the demand for healthcare services. b. reduced the incentive of consumers to economize on their use of healthcare. c. increased the incentive of consumers to economize on their use of healthcare. d. placed downward pressure on the prices of healthcare services.