Homelessness is not caused by _____
a. the high cost of housing in cities
b. the deinstitutionalization of the mentally ill
c. drug abuse
d. housing subsidies
d
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Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. One can conclude that
A) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. B) the demand for lawn care service has decreased. C) the law of supply has been violated. D) the number of lawn care service companies has increased.
Exhibit 2-9 Production possibilities curve
Which of the following moves from one point to another in Exhibit 2-9 would represent an increase in economic efficiency?
A. Z to W. B. W to Y. C. W to X. D. X to Y.
The price elasticity of demand along a linear demand curve is
A) more elastic at higher prices than at low prices. B) infinite. C) one. D) constant.
If only two people are trading their endowments and no production is possible, then the equilibrium they reach will
A) be on their contract curve. B) result in unequal marginal rates of substitution for the two people. C) result in one person being worse off than with his or her endowment. D) All of the above.