Today, people changed their expectations about the future. This change
a. can cause a movement along a demand curve
b. can affect future demand but not today's demand.
c. can affect today's demand.
d. cannot affect either today's demand or future demand.
c
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Tomas wants the city to convert a portion of an existing public park to a covered bus stop so it is more convenient to catch a bus to work each day. Michelle wants the city to expand the park so her kids have an even larger place to play outside
In this situation, Tomas's and Michelle's actions A) reflect natural and morally neutral preferences. B) are easy to separate into right and wrong. C) are all about greed and take no one else into consideration. D) have no possible way of resulting in compromise.
The Herfindahl-Hirschman Index measures market concentration in an industry by summing the square of the percentage market shares for
A) the 4 largest firms. B) the 50 smallest firms. C) the 4 smallest firms. D) the 50 largest firms. E) all firms in the market.
"As soon as a mayor announced his/her 'get tough on crime' policy on New Year's day, criminals got scared and the crime rate went down." Suppose that the lower crime rate was actually caused by freezing cold temperatures in January?it was just too cold for anybody to be out robbing other people. Which fundamental hazard of the economic way of thinking did the mayor make?
A. believing that what's good for one person is good for the whole group (the fallacy of composition) B. failing to take into account the benefits of crime (the payoff fallacy) C. believing that association is the same as causation D. failing to understand the difference between positive and normative economics.
The difference between the willingness to sell a good and the price that the seller receives for it is
A. welfare economics. B. consumer surplus. C. willingness to pay. D. producer surplus.