Consider the following factors:
a. culture
b. religion
c. customs
d. prices
e. income
Which of the factors above are likely to influence the choices consumers make?
A) a, d, and e only
B) d and e only
C) all the factors except c
D) all the factors except b
E) all the factors listed
E
You might also like to view...
Assume an economy begins with zero inflation, a 25 percent income tax rate, and a real interest rate of 4 percent
If inflation rises to 4 percent, the nominal interest rate becomes ________ percent and the after-tax real interest becomes ________ percent. A) 8; 6 B) 8; 2 C) 0; 1 D) 8; 4 E) 6; 2
Imports are defined as the goods and services that we
A) partially produce in both the United States and another country. B) produce and consume in the United States. C) produce abroad using U.S. owned factories and then consume in the United States. D) buy from other countries. E) sell to other countries.
Refer to Figure 14.1. The substitution effect of the wage increase on the amount of hours of leisure is:
A) L1 to L0 B) L1 to L2. C) L0 to L2. D) L0 to L1. E) none of the above
Which phrase(s) is (are) associated with normative statements?
a. c and e. b. Has been shown. c. Should be. d. Can be. e. More than.