Which of the following would be the most likely result if high-speed rail service were introduced to an area and made commuting from that area easier?
A. The cost of living far from one's workplace would rise, and the value of land would increase.
B. The cost of living far from one's workplace would rise, and the value of land would decrease.
C. The cost of living far from one's workplace would drop, and the value of land would increase.
D. The cost of living far from one's workplace would drop, and the value of land would decrease.
Answer: C
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With price on the vertical axis and quantity on the horizontal axis, economists would draw a fall in supply as
A) a leftward shift in the supply curve. B) a rightward shift in the supply curve. C) a vertical supply curve. D) any which way we like.
Why are transfer payments excluded from the GDP and NI? Why should they be counted as a part of personal income?
What will be an ideal response?
The difference between the value of a good to consumers and its price is known as: a. demand
b. marginal utility. c. total utility. d. consumer surplus.
If Camila's income rises by 20 percent, and, as a result, she purchases 40 percent more dresses, her income elasticity for dresses is
a. 0.5. b. 1.0. c. 2.0. d. Not enough information is given to answer this question.