A. incomes, tastes, and the price of other goods.
B. income, tastes, and the price of the good.
C. income and tastes
D. tastes and the price of other goods
Related Mcqs:
- Based on Mankiw Romer and Weil (1992) with conditional convergence holding fertility rates, education and government spending as a share of GDP constant ?
A. income per capita is the same regardless of poor or rich countries
B. income per capita in poor countries grows faster than in rich countries
C. income per capita in rich countries grows faster than in poor countries
D. income per capita in poor countries grows conditional upon foreign aid - Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreased marginal product of that factor, this is an example of ?
A. decreasing returns to scale
B. The law of diminishing returns
C. constant returns to scale
D. an inefficient production technique - Most empirical studies show that firm’s cost curves ?
A. slope up to the right
B. are U-shaped
C. slope down to the right
D. slope down to the right and then level off. - Keynesians and monetarists differ over how steep the IS and LM curves actually are Monetarists claim that the IS curve must be __________ and the LM curve must be __________?
A. flat; steep
B. flat; flat
C. steep; flat
D. steep; steep - If Hong Kong and Taiwan have identical production possibilities curves that are subject to increasing opportunity costs ?
A. Trade would depend on difference in demand conditions
B. Trade would depend on economies of large-scale production
C. Trade would depend on the use of different currencies
D. There would be no basis for gainful trade - indifference curves for perfect substitutes are ?
A. right angles
B. bowed outward
C. straight lines
D. nonexistent
E. bowed inward - Which of the following statements is not true with regard to the standard properties of indifference curves ?
A. Indifference curves are downward sloping
B. indifference curves are bowed outward
C. Indifference curves do not cross each other
D. Higher indifference curve is preferred to lower ones - Suppose we measure the quantity of good X on the horizontal axis and the quantity of good Y on the vertical axis If indifference curves are bowed inward, as we move from having an abundance of good X to having an abundance of good Y, the marginal rate of substitution of good Y for good X (the slope of the indifference curve) ?
A. rises
B. stays the same
C. could rise or fall depending on the relative prices of the two goods.
D. falls - An increase in consumer income will increase demand for a _________ but decrease demand for a?
A. substitute good, inferior good
B. normal good inferior good
C. inferior good normal good
D. normal good, complementary good - If demand is linear (a straight line) then price elasticity of demand is ?
A. elastic in the upper portion and inelastic in the lower portion
B. inelastic in the upper portion and elastic in the lower portion
C. inelastic throughout
D. constant along the demand curve
