The four determinants of demand that are held constant when we consider a movement along a demand curve include all of the following except
A. Tastes.
B. Income.
C. Availability and price of substitute goods.
D. Price.
Answer: D
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All homothetic goods are normal goods.
Answer the following statement true (T) or false (F)
Conservative economists would like to help younger workers get work experience by
A. setting up a government jobs program. B. raising the minimum wage rate. C. lowering the minimum wage rate. D. passing a law requiring employers to hire teenagers ahead of older workers who are equally qualified.
The CPI measures the changes of a narrow category of products.
Answer the following statement true (T) or false (F)
A Herfindahl index value of 20, for a particular industry, indicates that the industry is most likely to be:
a. perfectly competitive. b. highly concentrated. c. oligopolistic. d. monopolistic. e. made up of illegal firms.