The percentage of consumer income spent on durable goods, nondurable goods and services have changed between 1955 and 2007 as follows:
A. Percentage spent on services has declined.
B. Percentage spent on durable goods has increased.
C. Percentage spent on nondurable goods and durable goods has decreased.
D. Percent spent on durable goods and services has increased.
C. Percentage spent on nondurable goods and durable goods has decreased.
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Which of the following would NOT be a sign that China wants to become a high technology producer?
A) More patents are being sought and granted in China B) Large spending on infrastructure C) Rapid expansion of science, engineering and research D) Less emphasis on education spending
Negative externalities cause loss of welfare not transmitted by market factors.
A. True B. False C. Uncertain
Suppose that D2 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D2 to D1, then:
a equilibrium price increases from $6 to $8.
b equilibrium quantity increases from 13 to 18
c equilibrium quantity decreases from 15 to 13.
d equilibrium price decreases from $6 to $4.
If the cross-price elasticity of demand between fish and chicken is 2, then a 2% increase in the price of fish will result in a ________ in the quantity of chicken demanded.
A. 20% decrease B. 1% increase C. 4% increase D. 10% increase