Explicit price- and quantity-fixing agreements are a form of tacit collusion.
Answer the following statement true (T) or false (F)
False
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Figure 5-12
In Figure 5-12, if a consumer equilibrium moves from B to A, this shows that
A. beer is an inferior good, but wine is a normal good. B. wine is an inferior good, but beer is a normal good. C. both beer and wine are normal goods. D. both beer and wine are inferior goods.
A real estate salesperson sells a house in 2015 that was built in 2005. How does this transaction get counted in the GDP statistics?
A. The price of the house and the real estate salesperson’s commission are both included in 2015’s GDP. B. Neither the price of the house nor the commission is included in 2015’s GDP. C. The real estate salesperson’s commission but not the price of the house is included in 2015’s GDP. D. The price of the house would be included in both 2005’s GDP and the GDP for 2015.
In an effort to balance the budget, the government cuts spending rather than increasing taxes. What will happen to the consumption schedule?
A. It will become steeper. B. It will become flatter. C. It will shift upward. D. It will shift downward. E. It will remain the same and move along it.
The response in quantity demanded to a price increase in subway rides:
A. will be less elastic in six weeks than in six months. B. will be the same over that time period. C. will be more elastic in six weeks than in six months. D. is unpredictable without more information.