What variable has been shown to be highly correlated with nutrition, disease, and income, and is increasingly being used by economists to measure the well being of people?
a. Height.
b. Weight.
c. IQ.
d. Gender.
a. Height.
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Price ceilings, such as rent ceilings, set below the equilibrium price
A) increase producer surplus. B) decrease producer surplus. C) do not affect producer surplus. D) might increase or decrease producer surplus.
The theory of bounded rationality states that it is likely for consumers to have perfect information
a. True b. False Indicate whether the statement is true or false
The most important reason for why some people have higher income than others is ______.
Fill in the blank(s) with the appropriate word(s).
According to the law of demand, a demand curve:
a) Is downward sloping. b) Is upward sloping. c) Can slope either upward or downward based on consumer behavior. d) Is a horizontal, or flat, line.