Marge would like her husband Homer to drink less beer. All of the following are ways she could encourage Homer to drink less beer except
A) pay him to drink less beer.
B) convince him that beer is good for his health.
C) refuse to cook dinner for him if he does not cut back on his beer drinking.
D) make him pay her $10 for every beer he drinks.
B
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The cross-price elasticity of demand between Coca-Cola and Pepsi-Cola is calculated by dividing
A) the percentage change in the price of Coca-Cola by the percentage change in the price of Pepsi-Cola. B) the percentage change in quantity demanded of Coca-Cola by the percentage change in the quantity demanded of Pepsi-Cola. C) the percentage change in the quantity demanded of Coca-Cola by the percentage change in the price of Pepsi-Cola. D) the percentage change in the price of Pepsi-Cola by the percentage change in quantity demanded of Coca-Cola.
Fully accommodating monetary policy results in
A) a constant interest rate. B) the simple fiscal-policy multiplier of Chapter 3. C) an increase in the money supply when there is a rise in government spending. D) All of these.
Among the evidence that people do not always make choices that reflect sensible preferences are examples of:
A. choice reversals. B. conformance to the principle of revealed preference. C. compliance with the Ranking Principle. D. All of these provide evidence that people do not always make choices that reflect sensible preferences.
A shoe salesman working on commission must decide whether to work hard or shirk. Working hard would increase the probability of a sale from 20% to 70% but the effort would cost him $5 . If the commission on a typical pair of shoes was $12, would he decide to work hard?
a. Yes because it is higher than what it costs him in effort b. Yes because it is higher than zero c. No, because it costs him more in effort d. None of the above