Gary Becker and Kevin Murphy are among the economists who believe that social factors such as culture, customs, and religion do not explain the choices consumers make.
a. true
b. false
b. false
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During 1990, a Hershey candy bar cost $.85. By 2007, the same Hershey candy bar cost $1.25. If the CPI was 130.7 in 1990 and 180.5 in 2007, the price of the 1990 Hershey candy bar in 2007 prices is
A) greater than the price of the 2007 Hershey candy bar. B) less than the price of the 2007 Hershey candy bar. C) equivalent to the price of the 2007 Hershey candy bar. D) perhaps greater than, perhaps less, or perhaps the same depending on whether the CPI in 2007 has been adjusted to reflect 2007 prices. E) not able to be determined given the information in the question.
From 1983-2015, net exports for the United States
A) were negative. B) increased as exports rose above imports. C) grew and then declined. D) were positive.
A profit-maximizing monopolist sets
A. his or her price where MC = MR. B. his or her output where MC = MR. C. his or her price where MR > MC. D. his or her output where P = MC.
Inelastic demand implies
A. that a one percent increase in price results in a larger than one percent decrease in quantity demanded. B. that a one percent cut in price results in a larger than one percent increase in quantity demanded. C. that a one percent increase in price results in a smaller than one percent decrease in quantity demanded. D. that a one percent decrease or increase in price induces no change in total revenue.