The question below are based on the following four sets of data-pairs: (1) A and B, (2) C and D, (3) E and F, and (4) G and H. In each set, the independent variable is in the left column and the dependent variable is in the right column
The linear equation for the relationship in data set 1 above is:
A. B = 6A
B. B = 6 + 7A
C. B = 6 - 7A
D. B = 6 - .14A
Answer: D
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The distribution of income has become more equal since 1929
a. True b. False Indicate whether the statement is true or false
Refer to Scenario 1.2 below to answer the question(s) that follow.SCENARIO 1.2: A scientist wants to understand the relationship between automobile emissions and the level of global warming. The scientist collects data on the volume of automobile emissions and the levels of global warming over time. The scientist concludes that a 1% increase in automobile emissions causes a 0.0003% increase in average global temperatures. From this information he concludes that the automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures.Refer to Scenario 1.2. The statement, "automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures," is an example of
A. normative economics. B. the fallacy of logic. C. positive economics. D. marginal economics.
Suppose your tastes are defined by the utility function 
.
a. Suppose your income is $1,000, the price of 
is 1 and the price of 
style="vertical-align: -7px;" width="15px" height="20px" align="absmiddle" /> is 
. Set up your utility maximization problem.
b. Derive the quantity of 
you will consume.
c. What happens to your consumption of 
if 
increases?
d. Now suppose that your and my tastes are captured by the utility function 
, with the parameter 
different for you than it is for me. When 
increases, you consume more 
than before and I consume less. What range of 
is consistent with your behavior, and what range is consistent with mine? Use your answer to (b) to explain.
What will be an ideal response?
Rent seeking
a. is the attempt to find apartments in a rent-controlled city b. only makes sense in a monopolistically competitive industry c. is a zero-sum game because the public's loss is the rent seeker's gain d. is the expenditure of resources to obtain favorable treatment from government e. occurs because of cyclical majority