A student at New York University used to take the Redhound bus when she visited her grandmother in Boston
After graduating, although the bus fare and the plane fare were the same as they were when she was a student, with a well-paid job on Wall Street she now takes the plane to Boston to visit her grandmother. For this student, travel by Redhound bus is A) a normal good.
B) an inferior good.
C) a substitute good.
D) a complement good.
E) a good with negative preferences.
B
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Refer to above figure. With a specific tariff of $3 per unit, what is the quantity of Widgets consumed domestically?
What will be an ideal response?
In which of the following periods did average labor productivity in the United States grow the fastest?
A) 1929 to 1935 B) 1949 to 1973 C) 1973 to 1995 D) 1995 to 2008
According to the Ricardian equivalence theorem, government deficits do not affect output because people:
A. save more when government deficits decrease. B. consume more when government deficits increase. C. save more when government deficits increase. D. do not change consumption nor savings.
A special case of an oligopoly where there are only two firms is called:
A. a monopoly. B. a duopoly. C. perfect competition. D. monopolistic competition.