The impressive economic growth record of South Korea between 1960 and the 1990s was due in part to
What will be an ideal response?
a relatively high rate of saving on the part of the Korean people.
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Jenny likes chocolates. One day, a friend offers her a chocolate bar and she is extremely happy on receiving it. As the day progresses, many other people also buy her chocolate
As she gets more and more chocolates, her excitement on receiving each bar is seen to gradually lessen. Which economic principle is reflected in this example? A) The Law of Increasing Willingness to Pay B) Aggregation of demand behavior C) The Law of Diminishing Marginal Benefit D) The Law of Equi-Marginal Utility
Both the permanent-income and life-cycle hypotheses modify Keynesian consumption theory by distinguishing the effects of
A) temporary and permanent changes in disposable income. B) changes in the disposable income of upper income and lower income classes. C) changes in labor income and interest income. D) small and large changes in disposable income.
Assuming price elasticity of demand is reported as an absolute value, a price elasticity of demand of 1.2 indicates an:
A. inelastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price. B. elastic demand, meaning the percentage change in quantity demanded will be less than the percentage change in price. C. inelastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price. D. elastic demand, meaning the percentage change in quantity demanded will be greater than the percentage change in price.
Which of the following scenarios best demonstrates Say's law?
A. Nandini plays the piano at a restaurant, and her income is based solely on voluntary donations. She never lets her demand for goods and services determine how long she plays the piano. B. Professor Mackowski teaches economics at a university and receives a monthly paycheck. Each month he spends half his paycheck and saves the rest in his piggy bank under his bed. C. Farmer Perk grows strawberries on his farm. As he grows them, he decides to buy more goods if he sells more strawberries than he expected.