Which of the following factors will decrease the current demand for a product?
A. an increase in the current price of a substitute product
B. a decrease in the current price of a substitute product
C. an expected increase in the future price of the product
D. a decrease in the current price of a complementary product
Answer: B
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If aggregate planned expenditure is greater than GDP, then
A) the consumption function will shift downward to restore the equilibrium. B) a recession will result. C) inventory investment is larger than planned. D) production is too high. E) inventory investment is smaller than planned.
John Brown's utility of income function is U = log(I+1), where I represents income. From this information you can say that
A) John Brown is risk neutral. B) John Brown is risk loving. C) John Brown is risk averse. D) We need more information before we can determine John Brown's preference for risk.
The Sherman Antitrust Act of 1890
a. immediately reduced the number of trusts and the incidence of anticompetitive behavior b. established the Antitrust Division of the Department of Justice c. did not apply to farmers d. was not fully enforced at first e. prohibited price discrimination
Incomes for adults vary widely across race and gender in the United States. These differences could be due to:
A. education. B. experience. C. choice of occupation. D. All of these can explain the differences.