What is characteristic of a traditional economy?
What will be an ideal response?
Answer: Children tend to have the same jobs as their parents did.
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A decrease in the price of a complement in production leads to
A) no change in the supply of the good in question. B) an increase in the supply of the good in question. C) a decrease in the supply of the good in question. D) a decrease in the quantity supplied of the good in question. E) an increase in the supply of the good in question and a decrease in the quantity supplied of the good in question.
When there is a shortage of parking spaces at your college, the
A) demand for parking spaces is greater than the supply. B) supply of parking spaces is greater than the demand. C) quantity of parking spaces supplied is greater than the quantity of parking spaces demanded. D) quantity of parking spaces demanded is greater than the quantity of parking spaces supplied. E) Both answers A and D are correct.
Figure 5-3
Assume the market consists of three consumers with the demand curves in Figure 5-3. At a price of 1, the total market demand is
A. 40. B. 80. C. 140. D. 150.
Which of the following is the BEST example of a good that is nonrival and excludable?
A) a can of Mountain Dew B) fish in the ocean C) cable television D) national defense