If the price of ice cream increases and the quantity demanded decreases, economists would describe this as:
a. a change in demand
b. a change in quantity demanded.
c. a change in consumer income.
d. a change in one of the variables that shift demand.
b
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When the price of a good rises, people:
A. generally buy more of the good. B. tend to buy cheaper substitutes instead. C. rarely buy cheaper substitute goods instead. D. typically do not decrease their consumption of the good.
New growth theory is concerned with
A) finding a good way to measure economic growth. B) increasing the savings rate in the U.S. C) understanding the forces that increase productivity. D) understanding how compounding works.
Economic rents can lead to large wage differentials
a. True b. False Indicate whether the statement is true or false
Seventy-Three Land, Inc., sued Maxlar Partners for the balance due on a note made by the partnership. Max, a partner, asked the court to dismiss the claim against him personally because the plaintiff had not first tried to collect against the partnership. Does Max have a valid claim
1. In legal terms, Maxlar Partner and the company's partners haveSelect liability for the note. 2. If Max never signed a partnership agreement with the other Maxlar Partners, may he still be held liable for the note obligations? 3. If the court allows Seventy-Three Land to move forward in its case against Max and further finds Max responsible for the note, mucs to pay off the debt? 4. Is Max's argument valid? Yes, creditors must exhaust a partnership's assets before seeking recover against a partner personally