If, in response to an increase in the price of pineapples, the quantity of pineapples demanded decreases, then economists would describe this as
A) an decrease in demand.
B) a decrease in quantity demanded.
C) a change in consumer income.
D) a decrease in consumers' taste for pineapples.
Answer: B
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In the case where the LM schedule is relatively steep and the IS schedule is relatively flat, the most effective policy would be a change in
a. money supply. b. government expenditures. c. government spending financed by a change in taxes. d. taxes.
People make mistakes in allocating their time
a. because they always act irrationally b. despite always having expectations fulfilled c. only when leisure is a normal good d. because acquiring information is costly e. more often when the cost of making a mistake is high
Pat earns $25,000 per year (after taxes), and Pat's spouse, Chris, earns $35,000 (after taxes). They have two pre-school-aged children. Childcare for their children costs $12,000 per year. Given that Chris doesn't want to stay home with the kids, regardless of what Pat does, Pat should stay home with the kids if, and only if, the value of Pat spending more time with the kids is greater than:
A. $13,000 per year. B. $37,000 per year. C. $25,000 per year. D. $12,000 per year.
A labor-intensive production process is one that
A. Has a low ratio of capital to labor. B. Has a low ratio of labor to capital. C. Is used only in the United States. D. All of the choices are correct.