Figure 3.5 illustrates the supply of tacos. A technological advancement which makes tacos cheaper to produce would most likely cause a movement from:
A. point a to point c.
B. point c to point a.
C. S2 to S0.
D. S0 to S2.
Answer: D
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Who among the following is speculating?
A) The economics department that offers its first online principles course B) The bookstore that buys back the Math 101 textbooks without confirmation that the department definitely plans to adopt it again next semester C) The resident hall advisor who purchases party favors for the end-of-semester bash D) All of the above. E) B and C above.
A demand curve is said to be inelastic if:
a. ED = 1 b. ED = 0 c. ED > 1 d. ED < 1
Which famous company executive introduced an innovative pay system that is consistent with the theory of efficiency wages?
a. Lee Iococca b. Steve Jobs c. Mark Zuckerberg d. Henry Ford
The idea that a consumer is limited to selecting a bundle of goods that is affordable is captured by the:
A. indifference curve. B. budget constraint. C. price changes. D. consumer equilibrium.