The principle that people would rather leave things as they are is called _____
a. status quo
b. stand still
c. stagnation
d. pause
e. quo warranto
a
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The government prefers an ad valorem tax to a specific tax that reduces the monopoly output by the same amount because
A) consumers are not harmed by the ad valorem tax. B) the monopoly prefers the ad valorem tax. C) consumers prefer the ad valorem tax. D) the ad valorem tax transfers more revenue from the monopoly to the government.
Let D = demand, S = supply, P = equilibrium price, and Q = equilibrium quantity. What happens in the market for electric vehicles if the government offers incentives to manufacturers to produce more electric vehicles?
A) D increases, S no change, P and Q increase. B) S increases, D no change, P decreases, Q increases. C) D and S increase, P and Q decrease. D) D no change, S increases, P decreases, Q decreases.
If the central bank targets the interest rate, it
a. must decrease interest rates in response to an increase in money demand. b. rules out the possibility of runaway inflation. b. can lead to runaway inflation if maintained too rigidly. d. Both a and c e. Both b and c
Assume an indifference curve yields a consumer 1,000 utils of total utility. If the consumer's budget increases by 50 percent, then the indifference curve:
a. shifts rightward. b. shifts leftward. c. becomes more linear. d. is unchanged.