A fully licensed driver, Clarity Dence just drove her car to an "Earth Day" rally. By doing so, she exercises
A) her right to drive beyond the speed limit.
B) her right to threaten and steal.
C) her right to pollute.
D) her right to park wherever she sees fit.
E) none of the above.
C
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An economist for a bicycle company predicts that, all else held constant, an increase in consumer incomes will increase the demand for bicycles. This prediction assumes that
A. there are many goods that are substitutes for bicycles. B. there are many goods that are complementary to bicycles. C. bicycles are a normal good. D. there are few goods that are substitutes for bicycles.
The ________ curve has a positive slope because as prices of final goods and services rise, prices of inputs rise more slowly
A) short-run aggregate demand B) short-run aggregate supply C) long-run aggregate supply D) long-run aggregate demand
Assume the properties of normal indifference curves. Where will a consumer maximize their utility?
What will be an ideal response?
Suppose hypothetically that you buy a lot of food such as tofu, veggie burgers, and organic fruit that are not included in the market basket used to compute the CPI. In addition, suppose that all of these goods have become cheaper over the last year, while the overall CPI has increased by 6 percent. Then which of the following is true?
A. The CPI will understate the negative impact of inflation on your purchasing power and standard of living. B. The CPI will still accurately state the negative impact of inflation on your purchasing power and standard of living. C. The CPI will overstate the negative impact of inflation on your purchasing power and standard of living. D. Inflation has a larger effect on your standard of living than on the average consumer.