Current projections predict the number of U.S. workers per retiree in 2030 to be
A. 6.1.
B. 3.3.
C. 2.2.
D. 16.
Answer: C
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If tastes are homothetic, there exists a utility function that represents those tastes and that gives rise to an expenditure function which is homogeneous of degree 1 in utility.
Answer the following statement true (T) or false (F)
If airports decide to compensate people who suffer from airplane noise because their homes are under the runway approaches, to whom should they offer monetary payments? The people who
A) actually live in affected residences. B) are bothered by the noise but themselves never travel on commercial airlines. C) both own affected residences and live in them. D) either own affected residences or live in them. E) own affected residences whether or not they live in them.
Duke increased his spending on steak from $7 to $11 per week because of a 12 percent salary increase, so his
A) income elasticity of demand for steak is 1.37. B) price elasticity of demand for steak is 1.37. C) income elasticity of demand for steak is 3.7. D) price elasticity of demand for steak is 3.7.
In the 2008-09 recession, the government deficit
A) stayed roughly constant. B) decreased. C) increased. D) would have increased if the government had intervened.