According to James Duesenberry, knowing someone's absolute income tells us everything about that person's income status
Indicate whether the statement is true or false
F
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The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price floor to achieve their goal. What is the size of the aggregate surplus?
A. $4 billion B. $8 billion C. $10 billion D. $12 billion
As the income of bus riders increased, the wages of bus drivers increased simultaneously. How does this affect the market for bus rides (inferior good)?
a. The demand curve will shift to the left; the supply curve will shift to the left b. The demand curve will shift to the left; the supply curve will shift to the right c. The demand curve will shift to the right; the supply curve will shift to the left d. The demand curve will shift to the right; the supply curve will shift to the right
When the demand for a good or service limits the quantity that can be sold to an output at which the firm experiences economies of scale,
A. firm is a single-price monopoly B. firm is well protected from competition by a legal barrier C. the firm is a natural monopoly D. there are close substitutes for the good the firm produces
Intervention to defend a fixed exchange rate can magnify the transmission of a foreign recession into an economy.
Answer the following statement true (T) or false (F)