Consumers have been buying fewer CDs as downloadable music has become easier to purchase and use. We would represent this as
A) a leftward shift of the demand curve for CDs.
B) a rightward shift of the demand curve for CDs.
C) a change in the price of CDs.
D) a leftward shift of the supply curve for downloadable music.
A
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The table above gives the utility from pens and pencils. If the consumer has an income of $4, pens cost $1, and pencils cost $.20, what is the consumer's total utility when he or she maximizes utility?
A) 374 B) 225 C) 405 D) 365
In making decisions about what to consume, a person's goal is to
A) allocate her limited income among all the products she wishes to buy so that she receives the highest total utility. B) maximize her marginal utility from the goods and services she wishes to buy using her limited income. C) buy low-priced goods rather than high-priced goods. D) consume as many necessities as possible and then, if there is money left over, to buy luxuries.
Taxes on labor tend to encourage second earners to stay at home rather than work in the labor force
a. True b. False Indicate whether the statement is true or false
Suppose a country abandons a no-trade policy in favor of a free-trade policy. If, as a result, the domestic price of beans increases to equal the world price of beans, then
a. that country becomes an exporter of beans. b. that country has a comparative advantage in producing beans. c. at the world price, the quantity of beans supplied in that country exceeds the quantity of beans demanded in that country. d. All of the above are correct.