List six factors that influence the quantity of a good or service demanded by a household
What will be an ideal response?
(1) The price of the product.
(2) The income available to the household.
(3) The household's level of accumulated wealth.
(4) The prices of other products available.
(5.) The tastes and preferences of the members of the household.
(6) The household's expectations concerning future income, prices, and wealth.
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If the government imposes a specific tax on a monopoly, the consumer's tax incidence
A) can exceed 100%. B) will always be between 0-100%. C) may be negative. D) will be the same as when the tax is imposed on a perfectly competitive firm.
What shape is the production possibilities curve usually expected to exhibit?
a. Upward-sloping. b. Bowed out. c. Bowed in. d. Straight line. e. U-shaped.
Moral hazard takes place ______.
a. when a person cannot buy insurance b. when a person tries to be more cautious c. before a person becomes insured d. after a person has bought insurance
Figure 10.1 depicts a firm's marginal revenue product curve. If the product price increases, the marginal revenue product curve:
A. shifts downward. B. shifts upward. C. remains the same. D. None of these