Blu-ray disc players, iPhones, and hybrid cars are generally considered to be ________ goods.
A. durable
B. nondurable
C. intermediate
D. service
Answer: A
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Consumption expenditure exceeds disposable income
A) when there is dissaving. B) when there is positive saving. C) always. D) never. E) only when the economy is in equilibrium.
George has a $600 annual entertainment budget that he uses to buy trips to the movies and dinners at local restaurants. The figure above shows indifference curves and budget lines for these two goods. The price of a movie is $15
a) Along budget line BL1, what is the price of a dinner? b) What combination of dinners and movies will George select along budget line BL1? c) Budget line BL2 represents a change in the price of dinners from that along BL1. What is the new price of dinners along this budget line? d) What combination of dinners and movies will George select along budget line BL2? e) Use the information in this problem to give two points on George's demand curve for dinners.
Consider an economy where Y = $3,500 . C = $500 + (0.80Y), and where autonomous investment is equal to $200. a . Is this economy in equilibrium? Explain. b. What will happen if people try to increase their saving to $400
Which of the following statements is true about profits in a monopolistically competitive market?
(A) Monopolistically competitive firms are as profitable as monopoly firms. (B) Profits are rare in monopolistically competitive markets. (C) Most firms will earn substantial profits from year to year. (D) Many firms will earn profits in the short term, but they must constantly innovate and compete to earn profits in the long term.