The concept of "demand" in economics refers to
A. how changes in the prices of all goods affect people's buying behavior.
B. changes in people's consumption behavior over time.
C. the different quantities of a good or service people will buy at different possible prices.
D. the different types of goods and services that people of different income levels want to buy.
Answer: C
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The above figure shows the market for finish carpenters in Bozeman. There is a minimum wage set at $18
Compared to the initial equilibrium without the minimum wage, once the minimum wage is in place, and after taking account of job search, the total workers' surplus ________ and the total firms' surplus ________. A) decreases; increases B) increases; increases C) increases; decreases D) does not change; increases E) decreases; decreases
Time inconsistency means
A) taking different decisions at different times despite facing the same situation. B) making policy choices that violate the intertemporal budget constraint. C) deciding to do something tomorrow, and then doing something different tomorrow. D) adding a random factor to decisions.
By looking at the graph showing the poverty rate from 1959 to 2016, you can see that poverty increased ______.
a. in the 1960s
b. in the 1970s
c. in early 1990s
d. between 2012 and 2016
Based on the graph showing equilibrium output and price for a monopolist, profits stop growing when production goes beyond which point?
a. QD
b. Q1
c. Q2
d. QM