If a consumer experiences a decrease in income, the new budget constraint will have the same slope as the old budget constraint
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following does not correctly characterize modern economic growth?
A. It has occurred only in the last 200 or so years. B. It has not affected the average lifespan of human beings. C. It drastically alters the culture and politics of society. D. It spread slowly across the globe, with some societies not having experienced it yet.
Suppose a victim of an accident brings the injurer to court. You are hired to determine the amount of damages
You are specifically asked to find a measure of the amount of money needed to restore the victim to the position he was in prior to the accident. What welfare measure will provide the most accurate measure of this amount? A) compensating variation B) equivalent variation C) consumer surplus D) the loss of utility
Demand is defined as
A) a schedule of how much of an item people will purchase at any particular price of that item during a specified time period, other things being constant. B) a specific quantity of an item that people want at a particular price of that item during a specified time period, other things being constant. C) a schedule of how much of a good or service people will purchase at any particular price of a different item during the specified time period, other things being constant. D) a specific quantity of a good or service that people will purchase at one particular price of another item during a specified time period, other things being constant.
What are the three ways economies are organized?
a. communism, socialism, free b. market, capitalism, mixed c. traditional, command, market d. traditional, market, mixed