Assume the price of Nikes decreases. As a result, consumers increase the quantity of Nikes purchased each year and purchase fewer Reeboks. This is an example of the:
a. substitution effect.
b. income effect.
c. utility effect.
d. consumption effect.
a
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As technology advances,
A) all opportunity costs decrease. B) the PPF shifts outward. C) a country moves toward the midpoint along its PPF and can produce more of both goods. D) all opportunity costs increase. E) the PPF shifts inward because unemployment occurs.
About 1.7 percent of elementary and secondary students were educated at home in 1999
a. True b. False
A closed economy
a. does not engage in international trade of goods and services. b. does not engage in international borrowing or lending. c. both A and B d. engages in international borrowing and lending.
Theory A predicts that the higher the opportunity cost of having a child, the fewer children a woman will have. Which of the following is evidence against the theory if opportunity cost is measured in terms of foregone salary?
A) women with high-paying jobs have more children than women with low-paying jobs. B) women with low-paying jobs have more children than women with high-paying jobs. C) men married to women with high-paying jobs want more children than men married to women with low-paying jobs. D) the mothers of women with high-paying jobs will want their daughters to have children more than the mothers of women with low-paying jobs will want their daughters to have children. E) none of the above