Suppose an individual experiences a permanent increase in income. As a result of this increased income, further assume that the individual eats dinner at restaurants more frequently each month
This information suggests that dinners at restaurants for this individual are A) an inferior good.
B) a substitute good.
C) a normal good.
D) both complimentary and inferior.
C
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The demand for microwaves in a certain country is given by: D = 8,000-30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then this country will ________ microwaves.
A. export B. import 400 C. import 800 D. export 800
How can the government cut the cost of negotiation among car owners regarding LoJack installation?
a. The government can impose a quota on the import of LoJacks. b. The government can invite public opinion on LoJacks. c. The government can limit the number of companies producing LoJacks. d. The government can randomly select cars to install LoJacks.
Wealth and income are two different terms used to represent the same concept, household well-being and, thus, may be used interchangeably
Indicate whether the statement is true or false
At the utility maximizing level, the price of a shirt is $15 and the price of a trouser is $12 . At this level, the marginal utility derived from the shirt is 30 utils and the marginal utility derived from the trouser is _____
a. 24 utils b. 30 utils c. 25 utils d. 22 utils