Figure 4-4
In Figure 4-4, an increase in population will change demand from
A. D1to D2.
B. D2to D1.
C. D3to D2.
D. D3to D1.
Answer: A
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Economic rent is
A) the return to owners of farmland. B) the return to landlords. C) a payment for the use of any resource above its opportunity cost. D) a payment for land, an apartment, or a house that one does not own.
Which of the following is a case of asymmetric information:
A. The buyer and seller of a used car don’t know how long the car will operate. B. A provider of health insurance does not know whether a specific client is a smoker or not. C. Neither you nor the insurance company has perfect information about whether a flood will occur. D. None of the above are examples of asymmetric information.
Which of the products below is towards the spectrum of perfectly competitive industry?
a. Nike shoes b. Eggs c. Purdue Chicken d. Restaurants
Briefly explain how the tax system can stabilize the economy.
What will be an ideal response?