When renters are faced with higher rent demands by landlords, they
A. can move, but such a move costs renters time and money.
B. must simply pay the higher rent, having no alternatives.
C. can move costlessly, thereby escaping the higher rent.
D. must ask permission of their landlord to leave.
Answer: A
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Another commonly used algebraic form for a demand function is the semi-logarithmic functional form, ln(Q) = a - bP + cI, where Q is quantity demanded, P is the product price, and I is income
Here, 100 c represents the percentage change in quantity demanded given a one unit increase in income. For a normal good, we should expect the value of c to be: A) positive. B) negative. C) positive or negative. D) We do not have enough information to answer this question.
In which statement(s) are "supply" and "quantity supplied" used correctly? (I) "An increase in the price of toasters will increase the quantity supplied of toasters." (II) "A technological advance that lowers the cost of producing toasters will increase the supply of toasters."
a. in both statements I and II b. in statement I only c. in statement II only d. in neither statements I nor II
The value of a euro goes from 1€ = US$1.25 to 1€ = US$1.50. In the United States, exports:
A. will increase, and imports will decrease. B. and imports will increase. C. will decrease, and imports will increase. D. and imports will decrease.
Businesses in the United States cut their investment projects by $30 billion. If the MPC is 2, what will be the impact on the national income (Y)?
A. Y will fall by $15 billion. B. Y will fall by $30 billion. C. Y will fall by $60 billion. D. Y will fall by $120 billion.