Which of the following is not true for the wages of professional athletes?
A. They are related to demand for their services.
B. They include substantial economic rents.
C. They are high because of scarcity.
D. They are not related to human capital investment.
Answer: D
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Why does an increase in the price level tend to cause the consumption function to shift downward?
A. An increase in the price level decreases disposable income. B. An increase in the price level increases the demand for fixed money assets. C. An increase in the price level decreases the value of fixed money assets. D. An increase in the price level decreases saving and increases debt.
All of the following were classical economists EXCEPT
A) Adam Smith B) A. C. Pigou C) David Ricardo D) John Maynard Keynes.
Goods with few available substitutes tend to have inelastic demand curves
a. True b. False Indicate whether the statement is true or false
Transferrable pollution permits make pollution reduction______.
a. unnecessary b. illegal c. expensive d. profitable