A change in consumers’ tastes leads to an increase in crew cuts being requested at salons. This example shows a ______.
a. change in quantity demanded
b. shift in the demand curve
c. change in surplus
d. shift in substitutes
b. shift in the demand curve
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The external benefit of a good
A) equals its consumer surplus. B) equals its producer surplus. C) equals its total surplus. D) is a benefit from the good falling on people who are not the consumers of the good.
Which of the following statements about crowding out is false?
a. It is not caused by a budget surplus. b. It is caused by a budget deficit. c. It can completely offset the multiplier. d. It affects interest rates and not economic growth.
Workers are generally in a better position to protect themselves from inflation in comparison to retired persons because workers' incomes
a. are more likely to be fixed. b. are more likely to be variable. c. always rise during inflation. d. are guaranteed by the federal government.
Which of the following is an example of screening?
a. a man buys an expensive birthday present for his girlfriend b. an insurance company offers a policy with a high deductible c. the seller of a used motorcycle knows more about its true condition than a prospective buyer d. society supports long prison terms for corporate criminals