Three of the four events described below might reasonably be expected to shift the demand curve for Tacos to a new position. One would not shift the demand curve. The single exception is:
a. a change in people's tastes with respect to Tacos.
b. an increase in the money income of beef consumers.
c. a widespread advertising campaign undertaken by the producers of a product competitive with Tacos.
d. a fall in the price of Tacos.
d
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The income elasticity of demand for agricultural products is typically
a. less than zero. b. greater than zero, but less than one. c. greater than one. d. infinity.
Janie decides to give up her $200,000 a year job as the producer of the most popular television news show in Seattle in order to cultivate and sell orchids, which she anticipates will yield her an annual income of $30,000 . To an economist,
a. she may be mother earth, but she's not making a rational economic decision b. it is impossible to comment on her decision because we can't engage in interpersonal comparisons of utility c. her total utility will fall d. there is no doubt that the utility she gains from working with orchids must be greater than the utility she gains working as a television producer e. it is clear that working has a negative utility for her
A major reason for the existence of inflationary and deflationary gaps is that
a. corporations do most of the nation's saving. b. saving and investing are done by people with no social conscience. c. consumers do most of the nation's saving. d. saving and investing are done by different groups.
The distribution of money income can be represented graphically using
A. a Distribution curve. B. a Keynesian curve. C. supply and demand diagrams. D. a Lorenz curve.