Between 1860 and 1914, the concentration of industrial power did increase. What did members of the general public perceive to be the result of this heavy concentration?
(a) Expanded output
(b) Lower prices
(c) A transfer of income away from consumers
toward big businesses
(d) All of the above
(c)
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The economist who won the Nobel Prize in Economics for his path-breaking analysis of the ways in which property rights, transaction costs and institutions affect the allocation of economic resources is:
A. John Nash. B. Arthur Cecil Pigou. C. Ronald Coase. D. Theodore Groves.
The demand curve for canned peas is downward sloping. If the price of canned peas, an inferior good, rises, then
A) the income effect which causes you to reduce your canned peas purchases is smaller than the substitution effect which causes you to increase your purchases, resulting in a net increase in quantity demanded. B) the income and substitution effects offset each other but the price effect of an inferior good leads you to buy more canned peas. C) both the income and substitution effects reinforce each other to decrease the quantity demanded. D) the income effect which causes you to increase your canned peas purchases is smaller than the substitution effect which causes you to reduce your purchases, resulting in a net decrease in quantity demanded.
In Figure 10-5 above, suppose that new tougher environmental regulations require certain industries to accelerate their phase-out of some of their existing equipment and install new types that produce less pollution
Translating this into an effect on d causes a movement of the steady-state point such as from points A) A to B. B) D to B. C) D to C. D) A to C. E) D to A.
In a monetary system, people will exchange a good for
a. another good. b. a service. c. money. d. gold or other precious metals.