Producers of tablet computers will be able to lower the wage rate that they pay to their workers. You are asked to predict the effects on the supply of tablet computers, and the price of a tablet computer. You predict that the supply curve shifts
A) rightward, and the price is constant.
B) leftward, and the price is constant.
C) rightward, and the price falls.
D) leftward, and the price rises.
Ques. 2When the cost of producing a unit of a good decreases as its output rate increases, there are economies of
A) scale.
B) scope.
C) production.
D) size.
Ques. 3What are the major economic effects of rent ceilings?
What will be an ideal response?
Ques. 4The above figure shows the utility of wealth curve for a homeowner whose only possession is a 50,000 house. Which of the following statements is TRUE?
A) This person has diminishing marginal utility of wealth.
B) This person is not risk averse.
C) Risky situations cause this person no loss of utility.
D) None of the above are correct.
Ques. 5When graphed, variables that are unrelated are shown by either a horizontal or a vertical line.
Indicate whether the statement is true or false
Ques. 6Which of the following would show the LEAST amount of inequality?
A) Measured annual income.
B) Measured annual wealth.
C) Lifetime income.
D) Measured annual income and annual wealth are equally distributed and are more equally distributed than lifetime wealth.
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