According to the book, which air bag adds the most safety to passengers?
A) The second.
B) The fourth.
C) The third.
D) The first.
D
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Suppose you learn that in 1900, households spent about 40 percent of their budget on food, and today, they spend about 10 percent of their budget of food. All else equal, this suggests that the price elasticity of demand for food:
A. is probably negative. B. is probably higher now than it was in 1900. C. is probably lower now than it was in 1900. D. has always been very high.
The price elasticity of demand for purses is measured in what units?
A) dollars B) purses C) dollars per purse D) The price elasticity of demand is a unitless measure.
The endowment effect:
A. refers to the observation that people tend to value something more highly when they own it than when they don't. B. refers to the observation that people tend to value something more highly when they don't own it than when they do. C. refers to the fact that when confronted with many alternatives, people sometimes avoid making a choice and end up with the option that is assigned as a default. D. refers to the observation that people do not have a strong attachment to the status quo.
Which of the following explains the downward slope of the aggregate demand curve?
a. disposable income remains unchanged when prices rise. b. higher domestic prices encourage exports and discourage imports. c. higher prices reduce the household’s real wealth. d. All of these.