Duesenberry's relative income hypothesis is based on the belief that consumption spending
a. depends on current income
b. is rooted in status
c. is based on transitory income
d. depends on permanent income
e. is based on absolute income
B
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If fewer cigarettes are consumed with symmetric information than asymmetric information, it follows that
A. with asymmetric information the demand for cigarettes is lower than with symmetric information. B. with symmetric information the demand for cigarettes is lower than with asymmetric information. C. the demand for cigarettes is the same with or without asymmetric information. D. there are more free riders with asymmetric information than symmetric information. E. There is not enough information to answer the question.
Federal government expenditures in the United States comprise about _____ of total government expenditures
a. 90 percent b. 75 percent c. 60 percent d. 45 percent
If there is a technological advance that lowers the cost of producing x-ray machines, then we can say that the
A. quantity supplied of those machines will go up. B. quantity demanded for those machines will increase. C. demand for those machines will shift right. D. quantity supplied of those machines will decrease.
Taylor has the following assets and liabilities: Two cars$15,000House$400,000Mortgage$300,000Cash$1,000Car loans$5,000Checking account balance$3,000Credit card balance$3,000 What is Taylor's wealth?
A. $105,000 B. $107,000 C. $419,000 D. $111,000