Equivalent variation means
A. finding an equivalent change in income that puts a person on the same utility as a change
in price would.
B. finding equal tax rates that insure quantity demanded does not change.
C. equalizing excess burden across all markets.
D. moving the same distance in either direction from a starting point on an indifference curve.
A. finding an equivalent change in income that puts a person on the same utility as a change
in price would.
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The authority of the government to take private property for public use, given just compensation to the owner, is known as
A) search and seizure. B) eminent domain. C) authoritarian capitalism. D) internalizing an externality.
An decrease in supply is caused by a decrease in the price of the product
Indicate whether the statement is true or false
Other things the same, when the interest rate rises,
a. people would want to lend more, making the supply of loanable funds increase. b. people would want to lend less, making the supply of loanable funds decrease. c. people would want to lend more, making the quantity of loanable funds supplied increase. d. people would want to lend less, making the quantity of loanable funds supplied decrease.
An important advantage of the interview method is that the interviewer
What will be an ideal response?