Assume X and Y are the only two goods a person consumes. If after a rise in the quantity demanded of Y increases, one could say
a. the income effect dominates the substitution effect for Y.
b. the substitution effect dominates the income effect for Y.
c. it is impossible to determine whether the substitution or income effect dominates for Y.
d. None of the above.
b
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Refer to the table below. Suppose the columns in this table reflect demand and supply. At a price of $30:Price PerUnitColumn A UnitsPer YearColumn B UnitsPer Year$2010040$309550$408060$506570$605080
A. there will be an excess supply of 45 units. B. there will be an excess demand of 45 units. C. the market will be in equilibrium. D. there will be an excess demand of 95 units.
State and local governments were smaller than the federal government in 1900
a. True b. False
If found guilty of violating antitrust law in their respective countries, managers in ________ and ________ can be imprisoned.
A) China; United States B) Japan; European Union C) United States; European Union D) China; European Union
According to a royal investigation in 1623 of the English colonies in Virginia, the average life expectancy of newly arrived setters was
a. 2 years. b. 5 years. c. 10 years. d. 20 years.