________ first presented the product cycle hypothesis.
A. Adam Smith
B. Eli Heckscher
C. David Ricardo
D. Raymond Vernon
Answer: D
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The equation of exchange is written as
A. M× V = P× Y. B. M× P = V× Y. C. M× Y = P× V. D. M× Y = Y× P.
Consider a consumer who consumes only 
and 
. The price of 
falls.
a. On a graph
with 
on the horizontal and 
on the vertical axis, illustrate the change in this consumer's budget constraint assuming exogenous income I.
b. Illustrate income and substitution effects for 
assuming that both goods are normal.
c. Can you tell whether the cross-price demand curve for 
is upward or downward sloping?
d. Suppose 
is leisure hours and 
is a composite consumption good. Consider an increase in the wage assuming a fixed endowment of leisure (and no exogenous source of income). How is your graph similar and how is it different from what you graphed in (a) through (c)?
e. Is the leisure-demand curve a cross-price demand curve? Why or why not?
What will be an ideal response?
How does a natural monopoly differ from a firm that becomes a monopoly due to network effects?
What will be an ideal response?
If the government wants to raise tax revenue and shift most of the tax burden to the sellers it would impose a tax on a good with a:
a. flat (elastic) demand curve and a steep (inelastic) supply curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. steep (inelastic) demand curve and steep (inelastic) demand curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.