Which of the following would increase the quantity of LCD TVs demanded but would not increase the demand for LCD TVs?
a. an increase in the price of plasma TVs, a substitute
b. an increase in incomes assuming that LCD TVs are normal goods
c. an increase in the expected future price of LCD TVs
d. a decrease in the current price of LCD TVs
d
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Refer to Scenario 14.4. How much will the monopsonist pay each worker?
A) 0 B) 78 C) 83 D) 92 E) 100
A recession can manifest itself with ________
A) a decrease in consumer spending B) a decrease in industrial production C) a lengthy period of falling GDP D) all of the above E) none of the above
When what people pay does not necessarily reflect the real value they put on a good, it is likely that the:
A. free rider problem exists. B. good will be oversupplied. C. good is easily excludable. D. good is nonrivalrous.
In 1996, the Personal Responsibility Act:
A. transferred responsibility for welfare programs from the state to the federal level. B. established the earned income tax credit (or EITC). C. increased the federal minimum wage. D. placed a five-year lifetime limit on welfare payments to any given recipient.