Consider the above figure. The equation for the saving function is
A) S = 40 - 0.67 Yd.
B) S = 40 + 0.33 Yd.
C) S = -40 + 0.67 Yd.
D) S = -40 - 0.33 Yd.
C
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As depicted in the circular flow diagram, firms
A) supply the resources that households demand in factor markets. B) demand the goods and services that households supply in product markets. C) demand the resources that households supply in product markets. D) supply the goods and services that households demand in product markets.
In response to an increase in the wage rate, the substitution effect will cause a person to
A) supply fewer hours of labor. B) supply more hours of labor. C) supply the same hours of labor. D) have a backward bend in her labor supply curve.
Suppose that each serving of Mac & Cheese costs $0.50 to make no matter how many servings are produced. This means that the price elasticity of supply for Mac & Cheese is ________ and the supply curve is ________.
A. infinite; perfectly elastic B. zero; perfectly elastic C. infinite; perfectly inelastic D. one; perfectly inelastic
You are struggling to pick a major and find psychology and economics equally attractive but you cannot make up your mind. Then your parents suggest that, given your SAT scores you might want to consider mathematics. Before long you have no problem settling in on economics as your choice. This is an example of
A. bounded rationality. B. anchoring and adjusting. C. the halo effect. D. availability.