A movement along a consumption function is caused by:
a. a change in households' real assets.
b. a change in interest rates.
c. changes in taxation policy.
d. expectations of price changes.
e. changes in households' disposable incomes.
e
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Assuming the inverse demand function for good Z can be written as P = 90 - 3Q, when P = 20, the point price elasticity of demand is equal to (approximately):
A) -0.22. B) -0.29. C) -0.67. D) -4.5.
Government attempts to prohibit monopolization of a market are known as
a. antitrust regulation b. economic regulation c. social regulation d. anticompetitive regulation e. Herfindahl regulation
If the legal and regulatory environment fails to protect property rights and is often used to favor some at the expense of others, which of the following is most likely to be encouraged?
a. productive activities b. a high rate of investment c. rent-seeking and unproductive activities d. competitive markets
Choose the statement about an effective minimum wage that is correct:
What will be an ideal response?