For this question, ignore tax considerations of each of the following. Assume that consumption decisions are made according to the permanent income theory. Which of the following would lead to the smallest increase in current consumption?
A) winning $10,000 in the lottery
B) inheriting $10,000 from a relative
C) obtaining $10,000 by winning a lawsuit
D) getting a one-time $10,000 bonus from your employer
E) all of the above
E
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If there is a rise in the price level, there is a(n) ________ movement along the AS curve because there is ________ in the quantity of real GDP supplied
A) upward; a decrease B) downward; an increase C) upward; no change D) upward; an increase E) downward; a decrease
In the short run the individual competitive firm's supply curve is the segment of the:
A. marginal cost curve lying between the average total cost and average variable cost curves. B. average variable cost curve lying below the marginal cost curve. C. marginal cost curve lying above the average variable cost curve. D. marginal revenue curve lying below the demand curve.
What characterizes a constant-cost industry and what causes it to be a constant-cost industry?
What will be an ideal response?
What factors might increase the demand for carpenters in a medium-sized town? Be specific
What will be an ideal response?