If Randy experiences a decrease in his income, we would expect that Randy's demand for
a. each good he purchases will remain unchanged.
b. normal goods will decrease.
c. most goods will increase.
d. inferior goods will decrease.
B
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Private benefits are those benefits that accrue:
A. indirectly to the decision maker of a market exchange. B. directly to the decision maker of a market exchange. C. without compensation to someone other than the person who caused them. D. to third parties without direct government intervention.
The U.N. has established a Millennium Poverty Goal of cutting in half by 2015 the number of people in extreme global poverty.
Answer the following statement true (T) or false (F)
Capital income in the U.S. equals approximately ________ of GDP.
A. one third B. one half C. two thirds D. two fifths
All of the following affect the demand elasticity for labor EXCEPT
A) final product income elasticity. B) ease of substitution of labor for other inputs. C) final product price elasticity. D) labor costs as a portion of total cost.