A consumer cannot gain consumer’s surplus if she purchases more than one unit of a good.
Answer the following statement true (T) or false (F)
False
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You are more likely to repair a leaky drainpipe yourself than hire a plumber if _____.
a. the tax rate on your earned income dramatically decreases. b. you need to purchase the specialized tools required to complete the repair work. c. you possess less knowledge and experience in plumbing repair work. d. doing the job yourself reduces the transaction costs. e. the opportunity cost of your time increases.
When the prices of food and gasoline are added to core inflation, we get:
A. core deflation. B. headline inflation. C. hyperinflation. D. adjusted inflation.
In Figure 1.9, the slope of the line between points K and L is
A. 0.75. B. 1.25. C. 0.60. D. 0.80.
Normative economics involves
A. a statement of "what should be." B. a statement of fact. C. a statement of "what is." D. a statement that is purely descriptive.