The existence of income transfer programs is likely to
A. Change the distribution of income but not the mix of output.
B. Result in recipients having fewer children.
C. Discourage people from overusing health care services.
D. Decrease the supply of labor.
Answer: D
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Lizzie's budget line is shown in the figure above. If the price of a cookie rises, Lizzie's real income in terms of cookies ________ and her real income in terms of magazines ________
A) decreases; increases B) increases; decreases C) decreases; does not change D) increases; does not change
P = 50 - 1/500Q is the demand curve for tickets. MC = $10 per ticket. What is the optimal price? Calculate the consumer surplus at this price.
What will be an ideal response?
Refer to the accompanying table. If the price of Good A is $2 and the price of Good B is $6, then the rational spending rule is satisfies when the consumer purchases ________ units of Good A and ________ units of Good B.UnitsMarginal Utilityof Good AMarginal Utilityof Good B1304022733315244814
A. 4; 3 B. 1; 1 C. 3; 2 D. 2; 1
Suppose the equilibrium price of good X is $25 and the equilibrium quantity is 124 units. If the price of good X is $2:
What will be an ideal response?