In order to derive an individual's demand curve for salmon, we would observe what happens to the utility-maximizing bundle when we change
A) income and hold everything else constant.
B) tastes and preferences and hold everything else constant.
C) the price of the product and hold everything else constant.
D) the price of a close substitute and hold everything else constant.
Answer: C
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The Roomba 570 is a robotic vacuum cleaner made and sold by iRobot. It can vacuum 4 rooms on a single battery charge and it costs $2 worth of electricity to charge the Roomba
Lynn is a house cleaner and can vacuum 4 rooms in 1 hour with a traditional vacuum. Suppose you want the 4 rooms in your house vacuumed once a week for one year. Ignoring the cost of any electricity Lynn uses, which method is economically efficient if Lynn charges $20 per hour? $30 per hour? A) Roomba if Lynn charges $20 per hour and Lynn if she charges $30 per hour B) Lynn if she charges $20 or $30 per hour C) Roomba if Lynn charges $20 or $30 per hour D) Lynn if she charges $20 per hour and Roomba if Lynn charges $30 per hour
The real exchange rate is
A) the price of one currency in terms of another. B) the price of domestic goods relative to foreign goods. C) the quantity of gold that can be purchased by one unit of currency. D) the difference in interest rates between two countries.
Wearing a suit to a job interview is an example of a:
A. positive signal. B. negative signal. C. positive screen. D. negative screen.
The Social Security program is primarily a
a. compulsory retirement income program set up on sound insurance principles. b. forced-savings program where workers save during their working years and receive the principal and interest on these savings at retirement. c. program designed to tax current workers in order to provide benefits for current retirees. d. voluntary savings program run by the government.