A normal good would have a positive price-elasticity of demand.
a. true
b. false
Answer: b. false
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A movement along a demand curve is most likely to be caused by
A) a change in the population. B) a change in expectations. C) a change in income. D) a change in the price of a good.
A craft union is a union of workers in
a. the same firm b. the same industry c. the same skilled profession d. different skilled professions e. different trades
A critical assumption in economist A. P. Lerner's theory explaining why society's total utility is maximized with income equality is
a. there is no "level playing field" in people's choice of employment b. people have identical utility functions c. the rich earn their income by exploiting the poor d. people have equal skills if given equal opportunity e. the law of diminishing marginal utility does not apply to money
If Congress instituted an investment tax credit, the interest rate would
a. rise and saving would rise. b. fall and saving would fall. c. rise and saving would fall. d. fall and saving would rise.