The non-income determinants of consumption include all of the following EXCEPT
A) real wealth. B) the interest rate.
C) stock of assets owned by household. D) innovation.
D
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When the economy experiences a permanent supply side shock that shifts the long-run aggregate supply to the right, the short run aggregate supply curve will:
A. instantly shift left with the long-run aggregate supply to the new long-run equilibrium. B. begin by shifting left initially, and then be pulled right by the long-run aggregate supply over time. C. gradually shift right until it reaches long-run aggregate supply and the new long-run equilibrium. D. None of these is true.
Which of the following is an example of excessive influencing activities?
A. Estimating the elasticity of demand for your firm's product B. Cancelling a meeting with a client to play golf with your superiors C. Taking clients out for dinner D. Informing the manufacturing division of defects in a shipment
If all firms had to bear all the social costs of their actions, we should observe marginal cost curves
A) of all firms shifting up. B) of some firms shifting up, of some others shifting down, and of the rest not shifting at all. C) of all firms that had generated externalities shifting up while there would be no change for the rest of the firms. D) of some firms shifting up and of the rest shifting down.
If Paul decides to buy a $60 ticket to a Cirque du Soleil show rather than a $45 ticket for a Blue Man Group performance, we can conclude that
A) the marginal utility per dollar spent on Cirque du Soleil is lower than the marginal utility per dollar spent on Blue Man Group. B) Paul's demand for a ticket to see Cirque du Soleil is more elastic than his demand for a ticket to see Blue Man Group. C) Paul is not making a rational choice. D) the marginal utility per dollar spent on Cirque du Soleil is higher than the marginal utility per dollar spent on Blue Man Group.