When consumers spend and buy things regardless of their level of income, this is known as:
A. bad financial management.
B. living the good life.
C. autonomous consumption spending.
D. using credit to its maximum.
Answer: C
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Suppose we are considering the relationship between two variables y and x. y is measured on the y-axis and x is measured on the x-axis, and the relationship between then is a straight line. Suppose that the slope of the line is greater than 1
This slope means that A) a change in x is associated with a bigger change in y. B) a change in x is associated with a smaller change in y. C) a change in x is associated with no change in y. D) a change in x is associated with an equal change in y.
The basic cause of deadweight losses from the existence of common resources and externalities is
A) the use of a market system to deal with scarcity. B) the self-interested rationality of human beings. C) the absence of government intervention. D) a lack of clearly defined and enforceable property rights.
Factors affecting medical care demand include
a. health status. b. demographic characteristics. c. economic standing. d. physician factors. e. all of the above.
If the government wants to reduce the burning of fossil fuels, it should impose a tax on
a. buyers of gasoline. b. sellers of gasoline. c. either buyers or sellers of gasoline. d. whichever side of the market is less elastic.