Limitations of bargaining include:
A. contracts may not need enforcing.
B. property rights might be assigned in the wrong way.
C. if the parties have too much information, bargaining may be unnecessary.
D. None of these is correct.
D. None of these is correct.
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When the percentage change in the quantity demanded equals the percentage change in price, then demand is
A) inelastic. B) unit elastic. C) elastic. D) irrelevant. E) undefined.
An increase in income, holding prices constant, can be represented as:
A) a change in the slope of the budget line. B) a parallel outward shift in the budget line. C) an outward shift in the budget line with its slope becoming flatter. D) a parallel inward shift in the budget line.
When a U.S. citizen buys $500 of Chinese-made parts for a motorcycle,
a. U.S. consumption falls by $500, U.S. net exports decline by $500, and U.S. GDP declines by $1000. b. U.S. consumption does not change, U.S. net exports decline by $500, and U.S. GDP declines by $500. c. U.S. consumption increases by $500, U.S. net exports remain the same, and U.S. GDP increases by $500. d. U.S. consumption increases by $500, U.S. net exports decline by $500, and U.S. GDP remains the same.
Within the circular flow model, the level of total resource income and total spending on output will be approximately equal.
Answer the following statements true (T) or false (F)