Assuming that automobiles are normal goods, a rise in consumer income, other things being equal, will cause:
a. the demand curve for automobiles to shift to the left.
b. the demand curve for automobiles to shift to the right.
c. a downward movement along the demand curve for automobiles.
d. an upward movement along the demand curve for automobiles.
b
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A realized capital gain is
a. the difference between the price of a share of stock and what the investor paid for it (i.e., the broker's fee) b. the difference between the original value of a piece of equipment and its depreciated value c. an increase in the net worth of a sole proprietorship or partnership d. an increase in the market value of a share of stock held by an individual e. the difference between the selling price and the purchase price of a share of stock
Pollution and other negative exernalities arise because there are no practical, enforceable, private property rights to open-access resources, such as air
Indicate whether the statement is true or false
Economists tend to focus on one structural aspect of market organization that is more important than the others. It is
A. product homogeneity or differentiation. B. the quality of market information. C. the entry and exit conditions. D. the number of buyers and sellers.
An initial allocation of goods is called a(n)
A) endowment. B) inheritance. C) pareto set. D) general-equilibrium goods set.