Which one of the following would NOT result in an increase in the quantity demanded for CIT parking?
a) An increase in real incomes.
b) Extra parking spaces being made available.
c) An increase in the price of CIT parking.
d) None of the above.
Answer: c) An increase in the price of CIT parking.
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A) Real GDP will not increase. B) Real GDP will rise. C) prices will rise. D) a and c E) a, b, and c
Rational behavior for an economist means that individuals
A. always value societal needs more than their own needs. B. are self-sacrificing. C. never change their minds. D. are motivated by self-interest.
The ________ supply curve(s) of a perfectly competitive firm is the portion of its marginal cost curve that lies above its average variable cost curve.
A. short-run B. short-run and long-run C. long-run D. A perfectly competitive firm faces no supply curve.
Use the following formula to answer the indicated question: Welfare benefit = Maximum benefit - Wages A welfare system based on the welfare formula given
A. Will increase the risk of moral hazard. B. Will increase the number of people eligible for welfare. C. Has an effective marginal tax rate of 50 percent for welfare recipients. D. Will increase work incentives.