The baby boomer generation is just starting to retire, and waiting lists to get into nursing homes are on the rise. We could reasonably expect the demand for geriatric care to:
A. increase due to expectations of future prices.
B. decrease due to the number of buyers increasing.
C. decrease due to expectations of future prices.
D. increase due to the number of buyers increasing.
Answer: D
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If a firm's production process exhibits increasing returns to scale, then doubling all the firm's inputs will lead output to ________.
A. double. B. more than double. C. fall by one-half. D. less than double.
Sue consumes only sandwiches and soda and is at her best affordable point. The price of a sandwich falls. The substitution effect is that Sue substitutes ________ for ________. The income effect is that Sue ________
A) sandwiches; soda; buys less of both goods B) soda; sandwiches; buys more soda and fewer sandwiches C) sandwiches; soda; buys more of both goods D) soda; sandwiches; buys less soda and more sandwiches
Monetary policy produces ripple effects, some of which happen quickly and some that can take years to produce change. Which of the following takes the longest to change?
A. Inflation rate B. Monetary policy rate C. Exchange rate D. Monetary base
If virtual reality headsets are considered substitutes for game consoles, an increase in the price of virtual reality headsets would, all else equal
A) increase the demand for game consoles. B) decrease the demand for game consoles. C) increase the quantity of game consoles demanded. D) decrease the quantity of game consoles demanded.