Refer to the diagram. The budget line shift that moves the consumer's equilibrium from point A to point B suggests:
A. an increase in the demand for product X.
B. a decrease in the demand for product X.
C. no change in the demand for product X.
D. that X is an inferior good.
B. a decrease in the demand for product X.
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Third parties generally cannot win elections under a majority vote system because _____
a. the original two parties make it illegal for third parties to exist b. the original two parties are able to use the power of incumbency to raise the large amount of money necessary to run a winnable election c. the original two parties will have already split the voting population by placing their platforms on either side of the median voter d. the original two parties have already "locked-in" most eligible voters as members of their parties
Which of the following statement is true?
a. The demand for Cheerios is less elastic than the demand for cereal b. The demand for gas is more elastic in the short-run than in the long-run c. The demand for puma shoes is more elastic than the demand for shoes d. Products with many complements have a more elastic demand
Household savings rates:
A. were negative in China in 2014. B. were 49% in China in 2014. C. were fairly constant at about 8% in China from 2000 to 2010. D. have been roughly 10% for the last 30 years or so in China.
Games that are played more than once generally
a. lead to outcomes dominated purely by self-interest. b. lead to outcomes that do not reflect joint rationality. c. encourage cheating on cartel production quotas. d. make collusive arrangements easier to enforce.