Which of the following would cause a leftward shift in the demand curve for a good?
A) an increase in income
B) an increase in the price of a complementary good
C) an increase in the price of a substitute
D) the expectation that there will be a shortage in the availability of the good
B
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One way that insurance companies deal with imperfect information is to classify people into ______________ and charge lower premiums to those in the lowest category.
a. income groups b. risk groups c. economic sets d. moral hazard sets
Suppose Alyssa likes oranges twice as much as apples, no matter how many apples or oranges she has. Her indifference curves for oranges and apples a. are right angles
b. are straight lines. c. slope upward. d. cross one another at certain points.
Which of the following is considered to be an investment in the national income accounts?
A. Increases in inventories of unsold goods B. Purchases of Treasury bills C. Money deposited in a bank D. Purchases of land
Which of the following is an example of a good with an inelastic supply?
a) beanbags b) toothbrushes c) apples d) hats