The economic model of demand
a. explains the consequences of a change in buyers' tastes, but not the causes
b. explains the causes of a change in buyers' tastes, but not the consequences
c. explains both the causes and consequences of a change in buyers' tastes
d. explains neither the causes nor the consequences of a change in buyers' tastes
e. ignores buyers' tastes because they are too unstable to include in the model
A
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When you purchase a new surfboard you do so in the
A) factor market. B) input market. C) product market. D) resource market.
In the expectations-augmented Phillips curve, ? = ?e - 3(u - 0.06). When ? = 0.06 and ?e = 0.03, the unemployment rate is
A) 0.04. B) 0.05. C) 0.06. D) 0.07.
If the Fed wants to decrease the money supply, it can __________ the required reserve ratio, conduct an open market __________, or __________ the discount rate
A) raise; purchase; lower B) lower; purchase; lower C) raise; sale; raise D) lower; sale; lower E) none of the above
When comparing the distribution of wealth to the distribution of income, it can be noted that
A. the measurement of wealth is much less accurate than the measurement of income. B. the distributions are about the same. C. the measurement of income is much less accurate than the measurement of wealth. D. wealth does not generate income.