Which of the following is considered investment?
A. Sherri purchases a new van for commuting to and from work.
B. Jackson purchases a new car to replace an old car in his food delivery business.
C. Johnny buys a new car for his wife as an anniversary gift.
D. Jane purchases a new truck for commuting to and from school.
Answer: B
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Suppose a consumer's demand function is 
.
a. What's the general equation for the own-price elasticity of demand for this consumer?
b. What's the price elasticity of demand when p=25?
c. Suppose instead that the demand function is 
. How does the equation for own-price elasticity change?
d. Continue with the demand equation in (c). Suppose p=25. What's the cross-price elasticity for x?e. Continuing with part (d), what's the cross-price elasticity when the price of y is equal to 50?
What will be an ideal response?
If the production of a product results in significant external costs, an appropriate government policy might be to
A) subsidize the production of the good. B) tax producers and thus shift the supply curve to the left. C) tax consumers' incomes and thus shift the demand curve to the left. D) subsidize consumers since the good is being under-consumed.
Which of the following is a common resource?
a. Golden retrievers b. Jersey cows c. Domestic cats d. Panda bears
The change in the quantity of goods and services demanded in the U.S. is based on the logic that as the price level rises,
a. real wealth falls, interest rates rise, and net exports fall. b. real wealth falls, interest rates rise, and net exports rise. c. real wealth rises, interest rates fall, and net exports fall. d. real wealth rises, interest rates fall, and net exports rise.