The demand for houses decreases, all else equal, when
A) wealth increases.
B) real estate prices are expected to increase.
C) stock prices become more volatile.
D) gold prices are expected to increase.
D
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Which of the following is a common mistake consumers commit when they make decisions?
A) They take into account nonmonetary opportunity costs but ignore monetary costs. B) They sometimes value fairness too much. C) They are overly pessimistic about their future behavior. D) They fail to ignore sunk costs.
Which of the following is a reason that some economists do not agree with the concept of a labor-leisure tradeoff?
a. Wages are paid in dollars and leisure is measured in time, hence there is no way to compare the two. b. On a day-to-day basis, most jobs do not have the flexibility to allow people to weigh the benefits and costs to determine how much they should work that day. c. In the long-run, the supply of labor hours is perfectly inelastic. d. An increase in the wage rate always leads to an increase in the supply of labor hours, therefore the workers do not think of choosing leisure over labor. e. Some people do not work at all, so there is no labor-leisure tradeoff for those individuals.
The opportunity cost of a college education includes wages lost while enrolled in school
a. True b. False Indicate whether the statement is true or false
Autonomous consumption is always
A. positive. B. zero. C. negative.