Which of the following is not a primary determinant of consumption spending?
A. Interest rates on savings
B. Real income
C. Wealth
D. Rate of return on capital
D. Rate of return on capital
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Leisure being an inferior good is necessary but not sufficient for labor supply to slope up.
Answer the following statement true (T) or false (F)
If the government subsidizes the production of a good
A) an efficient outcome for producers occurs. B) overproduction relative to the efficient quantity occurs. C) a deadweight loss is created. D) Both answers B and C are correct.
If the interest rate is 10 percent per year, and you have $100,000 now, which of the following is closest to what your $100,000 will be worth in one year?
A) $105,000 B) $110,000 C) $100,000 D) $102,000
The maximum price that a buyer will pay for a good is called
a. consumer surplus. b. willingness to pay. c. equilibrium. d. efficiency.