The introduction of new technologies to production is ________ source of productivity improvement.
A. the only
B. the least important
C. no longer a
D. the most important
Answer: D
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If income increases and the demand for bus rides decreases,
A) bus rides are a normal good. B) consumers are behaving irrationally. C) bus rides are an inferior good. D) bus rides are a substitute good. E) bus rides must be a complement good with some other good.
Suppose two people with the same level of income and wealth have different discount rates. Joe has a very high discount rate and Jim has a very low discount rate. Which one of the following is TRUE?
A) Joe is more likely to borrow than Jim. B) Joe is less likely to borrow than Jim. C) Joe and Jim will borrow the same amount. D) Neither Joe nor Jim would be borrowers.
How does a better technology affect a producer who uses this technology?
a. It keeps production costs steady. b. It reduces production costs. c. It lessens the seller’s willingness to supply the good. d. It lowers expectations about the good.
Suppose that consumer income increases and that ground meat is an inferior good. Which of the following will occur in the market for ground meat?
A) Market clearing price will rise, and equilibrium quantity will rise. B) Market clearing price will fall, and equilibrium quantity will fall. C) Market clearing price will rise, and equilibrium quantity will fall. D) Market clearing price will fall, and equilibrium quantity will rise.