Which of the following shows the demonstration effect?
a. Ads that reveal the weak points of advertising
b. Ads that make consumers want something they never wanted before
c. Ads that push products that need to be shown how to use
d. Ads that cause controversy among critics of advertising
b. Ads that make consumers want something they never wanted before
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If the elasticity of demand for a product equals 3 and the supply is perfectly elastic, then if a tax is imposed on this product,
A) the buyer pays all the tax. B) the seller pays all the tax. C) the buyer pays 3/4 of the tax. D) the seller pays 3/4 of the tax. E) the buyer pays 4/3 of the tax.
Which of the following statements is true?
A) A worker who undertakes general training is likely to earn above his value of marginal product. B) Firm-specific training results in gains to a worker and not to an employer in the labor market. C) Job-specific training results in gains to a worker's employer, but it does not result in gains to the worker in the labor market. D) Training received by a worker does not affect his wages as wage rates are determined by the forces of demand and supply in the labor market.
Other things remaining the same, a fall in the price of peanuts will ________
A. increase the supply of peanuts B. decrease the supply of peanut butter C. decrease the quantity supplied of peanuts D. decrease the supply of peanuts
GDP excludes: a. business purchases of investment goods, such as factories. b. government purchases of military equipment
c. the building of a new apartment complex. d. none of the above.