Which of the following is not included in personal consumption?
A. Purchases of new construction by consumers
B. Payments for cable and Internet services to homes
C. New furniture and appliances bought by homeowners
D. Food purchased at supermarkets
Answer: A
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Consider the market for ride-on lawn mowers and the recent increases in the price of oil. The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers. An increase in the price of oil also makes it more expensive to run a ride-on mower. What is likely to happen to equilibrium price and quantity of lawn mowers as a result in the changing price of oil? Supply and demand will both:
A. increase, increasing equilibrium quantity and having an indeterminate effect on price. B. decrease, decreasing equilibrium quantity and having an indeterminate effect on price. C. increase, increasing equilibrium price and having an indeterminate effect on quantity. D. decrease, increasing equilibrium price and having an indeterminate effect on quantity.
Compensating wage differentials explain some income differences
a. True b. False Indicate whether the statement is true or false
Regarding structural deficits, which of the following assertions is true?
A. The structural deficit depends on the state of the economy. B. The structural deficit is based on actual expenditures and receipts. C. The structural deficit changes only when policy changes. D. The structural deficit changes when GDP changes.
The assumption that individuals will not intentionally make decisions that will leave them worse off is known as
A. the rationality assumption. B. a model or theory. C. macroeconomic analysis. D. microeconomic analysis.