An increase in an individual's income without changing relative prices will
a. rotate the budget constraint about the X-axis.
b. shift the indifference curves outward.
c. shift the budget constraint outward in a parallel way.
d. rotate the budget constraint about the Y axis.
c
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The above figures show the market for HD televisions. If cable television providers lower the price of providing HD cable service, which figure shows the effect of this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
The free-rider problem may arise in case of ________
A) public goods B) private goods C) club goods D) inferior goods
A concentration ratio gives
A) the average size of the firms in an industry. B) the total sales of four or eight of the mid-sized firms in the industry. C) the percentage of all sales contributed by the four or eight largest firms in the industry. D) the sales of the four largest firms in the industry divided by the sales of the eight largest firms in the industry.
Since World War II, tariff reductions have occurred in large part because of negotiations under the:
a. Industry and Trade Administration Act. b. Employment Act. c. Monetary Control Act. d. General Agreement on Tariffs and Trade.