Tina walks into Ted's sporting goods store and buys a punching bag for $100. That $100 payment counts as _______________ for Tina and _______________ for Ted.
Fill in the blank(s) with the appropriate word(s).
Expenditure; income.
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Refer to Goods X and Y. Which of the following can cause a parallel, outward shift in the budget line?
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. A rise in the consumer's income. b. A rise in the marginal value of X in terms of Y. c. A fall in the price of good X. d. A fall in the price of good Y.
When the percentage change in the quantity demanded exceeds the percentage change in price, then demand is
A) inelastic. B) unit elastic. C) elastic. D) irrelevant. E) undefined.
Relative to the social optimum, monopoly power tends to lead to
A) underproduction. B) overproduction. C) too much leisure. D) too little leisure.
Inheritance taxes tend to increase income inequality in the long run
a. True b. False Indicate whether the statement is true or false