A large inheritance from a relative will tend to
a. cause movement up and to the right along your labor supply curve
b. cause movement down and to the left along your labor supply curve
c. shift your labor supply curve outward
d. shift your labor supply curve inward
e. make the income effect of a wage increase positive
D
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Discuss some of the changes in the organization of the economic systems of countries transitioning from communism to capitalism. How does this type of market reform increase economic efficiency?
What will be an ideal response?
Major achievements of the Roosevelt administration in the field of conservation included all of the following except
a. protection of 150 acres of national forests. b. retention of rights to 75 million acres of mineral wealth. c. adoption of policies that would ultimately provide for construction of reservoirs and irrigation projects. d. protection of over 100 species of animals and birds, including the bald eagle.
If the two music stores are faced with the game in the figure, we can see that:
This figure displays the choices and payoffs (company profits) of two music shops-MiiTunes and The Rock Shop. MiiTunes is an established business in the area deciding whether to charge its usual high prices or to charge very low prices, in the hopes that a new business will not be able to make a profit at such low prices. The Rock Shop is trying to decide whether or not it should enter the market and compete with MiiTunes.
A. The Rock Shop has a dominant strategy, but MiiTunes does not.
B. MiiTunes has a dominant strategy, but The Rock Shop does not.
C. neither store has a dominant strategy.
D. both stores have a dominant strategy.
If you fit a line through a scatter diagram of points that represent coordinates of consumer spending and disposable income, the slope of this line will equal the
a. propensity to consume b. variable propensity to consume. c. marginal propensity to consume. d. average propensity to consume.