The demand for a resource rises as
A. its productivity rises and the relative prices of substitutable resources rises.
B. its productivity rises and the prices of substitutable resources falls.
C. its productivity falls and the relative prices of substitutable resources falls.
D. its productivity falls and prices of substitutable resources falls.
A. its productivity rises and the relative prices of substitutable resources rises.
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If a city suddenly and unexpectedly abolishes all property taxes on residential property, which consequence is most likely to be observed first?
A) Higher rents for residential space B) Higher sale prices for residential property C) Lower rents for residential space D) Lower sale prices for residential property E) More conversion of apartments to condominiums
In an indifference curve/budget line diagram, generally when the price of a good increases, the consumer purchases ________ of the good and moves to a ________ indifference curve
A) less; lower B) less; higher C) more; lower D) more; higher
Continuing with the same family from the preceding question, what is the greatest (integer) number of vacation days the family would be willing to give up in order to guarantee a healthy vacation?
a. 1 b. 2 c. 3 d. 4
Most entrepreneurs are self-employed.
Answer the following statement true (T) or false (F)