Which of the following leads to a deadweight loss? i. competition ii. taxes iii. consumer surplus iv. monopoly
A) ii only
B) iii and iv
C) i and ii
D) ii and iv
E) i, ii, and iii
D
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Explain why the demand for a particular brand of fast food tends to be more elastic than demand for all fast food.
What will be an ideal response?
Advertising, fads, and fashion are examples of influences on demand that are generally referred to as altering expectations about products.
a. true b. false
All of the following are criticisms of the Lorenz curve EXCEPT
A) The Lorenz curve does not include in-kind transfers. B) The Lorenz curve does not account for age differences. C) The Lorenz curve does not account for differences in the sizes of families. D) The Lorenz curve does not account for differences in education levels.
In the Keynesian model, whenever planned investment is less than planned saving
A) the amount of planned investment will decrease, and real GDP will decrease. B) there will be an unplanned inventory increase, and real GDP will eventually decrease. C) there will be an unplanned inventory decrease, and real GDP will eventually increase. D) the amount of planned investment will decrease, and real GDP will remain unchanged.