Conspicuous consumption refers to the consumption of goods and services:
A. not to show off to others but for one's direct pleasure.
B. that generally provide more satisfaction to the consumer than any other kind of consumption.
C. that do not provide any kind of satisfaction to the consumer.
D. not for one's direct pleasure but simply to show off to others.
Answer: D
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A) a change in the price of X B) a change in the price of Y, a complement C) a change in the price of Z, a substitute D) an increase in average disposable real income
When you pay for items that are consumed immediately or wear out quickly by financing them with your credit card, your wealth
A) decreases. B) is non-taxable. C) expands. D) is saved for future use.
If an economy has to sacrifice increasing amounts of good X for each additional unit of good Y produced, then its production possibilities curve is:
A) bowed out from the origin. B) bowed in toward the origin. C) a straight line. D) a vertical line.
Holding money to meet unplanned expenditures is
A. the transactions demand for money. B. the asset demand for money. C. the precautionary demand for money. D. the capital demand for money.