If the demand for beans tends to decline as incomes rise, everything else held constant, beans are _____
a. luxury goods
b. normal goods
c. price sensitive
d. not price sensitive
e. inferior goods
e
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Refer to the scenario above. Based on the given information, we can conclude that the market for used cars has ________
A) information asymmetry B) a perfectly competitive structure C) positive externalities D) negative externalities
The country of Kemper is on its aggregate production function at point W in the above figure. The government of Kemper passes a law that makes 4 years of college mandatory for all citizens. After all citizens have their education, the economy will
A) move to point such as Y. B) remain at point W. C) move to point such as X. D) move to point such as Z.
In a perfectly competitive market, many firms sell an identical product
Indicate whether the statement is true or false
Financial disintermediation occurs when:
a. Businesses no longer borrow directly in the bond market. b. Businesses no longer issue stock. c. Individuals no longer trade securities in the secondary market. d. Individuals withdraw funds from financial intermediaries and invest them elsewhere. e. All of the above.