Suppose the demand for good X is given by Qdx = 20 - 4Px + 2Py + M. The price of good X is $5, the price of good Y is $15, and income is $150. Given these prices and income, how much of good X will be purchased?
A. 220.
B. 160.
C. 180.
D. None of the statements associated with this question are correct.
Answer: C
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Which of the following is not a reason why government officials are willing to impose entry barriers?
A) to increase economic efficiency B) to raise revenue C) to promote an equitable distribution of income D) to encourage innovation which may improve the standard of living in the long run
The human skills theory is similar to the factor abundance theory of explaining the source of comparative advantage, except that the former concentrates only on different aspects of labor
a. True b. False Indicate whether the statement is true or false
If Kobe, an NBA star athlete, earns $10 million per year but has no money in the bank, he has a
a. high income and high wealth. b. low income and high wealth. c. high income and low wealth. d. low income and low wealth.
If producers must receive a higher price to be induced to produce any quantity, we can conclude that
A. both supply and demand increased. B. demand decreased. C. demand increased. D. supply decreased.