Research into new technologies conveys neither negative externalities nor positive externalities
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Table 19-32. The table above represents hypothetical data from the National Income Accounts for 2015. Use the data to calculate personal income and disposable income
What will be an ideal response?
The substitution effect of a price change for product X is the change in consumption of X associated with a change in
A) the price of X, with the level of utility held constant. B) the price of X, with the level of real income not considered. C) the price of X, with the prices of other goods changing by the same percentage as that for product X. D) income, with prices of other goods held constant.
An example of traditional public-goods legislation is
a. price supports for dairy products b. a system of justice c. a tattoo removal program in San Luis Obispo, California d. tort-reform e. a labor union issue
Consumer equilibrium is reached when: a. an individual spends her entire income
b. there is no way a consumer, given the available income, could increase her satisfaction. c. marginal utility begins to diminish. d. marginal utility is maximized, subject to the available income.