Which of the following would result in an increase in the demand for Toyota automobiles?
A. An increase in the price of Toyota automobiles
B. A decrease in the price of Toyota automobiles
C. A decrease in the price of Honda automobiles
D. An increase in the price of Honda automobiles
Answer: D
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If real GDP per person is above the subsistence level then, according to classical growth theory,
A) the population will increase. B) the standard of living will continue to improve. C) the population will decrease. D) labor productivity will increase. E) more technological advances occur.
Which of the following purchases is most likely to rise as the result of a temporary tax cut, according to the permanent-income hypothesis?
A) television sets and other consumer durables B) steak dinners and other consumer non-durables C) trips to the Virgin Islands and other vacation destinations D) theater tickets and other entertainment expenditures
Explain productivity and discuss how it is related to the standard of living in terms of the circular flow model.
What will be an ideal response?
Purchasing a season pass to the local symphony
A) is an example of first degree price discrimination. B) is an example of second degree price discrimination. C) is an example of third degree price discrimination. D) All of the above.