The American consumer spends least on
A. durable goods.
B. nondurable goods.
C. services.
A. durable goods.
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The demand curve a monopolist uses in making an output decision is
a. the same as the demand curve facing a perfectly competitive firm b. vertical because there are no close substitutes for its product c. horizontal because there are no close substitutes for its product d. the same as the market demand curve e. perfectly inelastic
If the income elasticity of demand for a good is -2.5, then
a. it is a normal good, and its demand curve will shift to the left if buyers' incomes increase b. it is a normal good, and its demand curve will shift to the right if buyers' incomes increase c. it is an inferior good, and its demand curve will shift to the right if buyers' incomes increase d. it is an inferior good, and its demand curve will shift to the left if buyers' incomes increase e. there is insufficient information to determine whether the good is normal or inferior
If an accountant makes $80,000 and after deductions pays $8,000 in taxes while an administrative assistant makes $35,000 and after deductions pays $2,000 in taxes, this is an example of
A. Vertical equity. B. Effective inequity. C. Marginal inequity. D. Horizontal equity.
The supply of euros would come from
A. American demand for European real estate. B. European demand for U.S. government bonds. C. Americans vacationing in Barcelona, Spain. D. French supplies of wine to U.S. importers.