An increase in the income of consumers will cause the
A. supply of all goods to fall.
B. the demand for some goods to rise and for others to fall.
C. demand for all goods to rise.
D. supply of all goods to rise.
Answer: B
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Explain why environmental damage would be classified as an externality.
What will be an ideal response?
Which of the following statements correctly uses the concept of opportunity cost in decision making?
I. "Because my secretary's time has already been paid for, my cost of taking on an additional project is lower than it otherwise would be." II. "Since NASA is running under budget this year, the cost of another space shuttle launch is lower than it otherwise would be." A) I is true, and II is false. B) I is false, and II is true. C) I and II are both true. D) I and II are both false.
Briefly and concisely define the following terms:
a. statistical discrimination b. compensating wage differential c. affirmative action
How much is the APS when disposable income is $10 billion?
