Tag: Economics – Others

QUESTION 24
If the income elasticity of demand for a good is
A. positive; normal good the good is said to be a(n)
B. positive; inferior good
C. positive; positive good
D. negative; substitute good

Suppose that Erica has a total of 90 hours in the week to split between work and leisure. Erica also receives 300 per week in non-labor income. What is Erica’s marginal utility of consumption?

The demand curve perceived by a perfectly competitive firma) shows that such a firm is a price-makerb) shews economies of scale over a large range af outputC) is herizomalc) all of the above

conomists make assumptions to _______.
a. represent their political bias
b. make models easier for students to understand
c. focus their thinking
d. better match the complexity of the real world

Government intervention to reduce the level of pollution is prompted by the existence of
government failure
a monopoly
an inequitable distribution of income
negative externalities

Question 11 (1 point)
Allocative efficiency is achieved when
marginal benefit is less than marginal cost
marginal benefit equals marginal cost
marginal benefit is greater than marginal cost

In November 2024, United States voters will vote for the presidential candidate of their choice. This is most closely an example of…
Indirect democracy
Direct democracy
Ideal democracy
Plutocracy

Question 171 pts
If a good has a price elasticity of demand at a certain price of 1.0, this is known as
perfectly inelastic demand
inelastic demand
unit elastic demand
perfectly elastic demand

In the trade equilibrium, what is the real wage in Home in terms of cars and in terms of TVs? How do these values compare with the real wage in terms of either good in the no-trade equilibrium?

Multiple Choice Question
A movement along the demand curve is:
due to a change in demand.
the result of a change in income.
unusual.
due to a change in the quantity demanded.