Suppose that the demand for corn is price inelastic. If a technological advance makes corn farms more productive, the equilibrium price of corn will ________ and the farmers' total revenue will ________
A) rise; increase
B) rise; decrease
C) fall; increase
D) fall; decrease
D
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Even though it is generally true that the more goods and services people have, the better off they are, GDP provides only a rough measure of well-being
Assuming language is not an issue, what other factors besides GDP might you consider when deciding where to live and work?
The rate at which a consumer is willing to give up consumption in one period for additional consumption in another is known as ________
A) the marginal propensity to save B) the marginal propensity to consume C) the marginal rate of substitution D) the average propensity to consume
The network effect in the TV broadcasting industry results in
A) a positive market feedback between the number of advertisers and the size of TV audience. B) a negative market feedback between the number of advertisers and the size of TV audience. C) a positive market feedback between the number of advertisers and the number of TV channels. D) a negative market feedback between the number of advertisers and the number of TV channels.
If disposable personal income (DPI) = $700 and personal income taxes = $100, then what is personal income (PI)?
A. $800 B. $700 C. $600 D. can't tell from the information provided