Which of the following is related to the additional revenues business owners expect to enjoy as a result of hiring the employee?
A. the signing bonus for Saul Goodman, a new attorney at the Hamlin, Hamlin, and McGill law firm
B. the wages for Wendy Peffercorn, a cashier at the Piggly Wiggly
C. the salary of Dallas Mavericks' player Dirk Nowitski
D. All of the above are correct.
Answer: D
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Demand functions are "homogeneous of degree zero in all prices and income." This means:
a. a proportional increase in all prices and income will leave quantities demanded unchanged. b. a doubling of all prices will not alter consumption decisions. c. prices directly enter individuals' utility functions. d. an increase in income will cause all quantities demanded to increase proportionately.
An economist is most likely to support all of the following methods to address the negative externalities created by the waste from newspapers except:
A. requiring publishers to cut the volume of newspapers generated but allowing them to sell certificates so that others can meet those requirements for them. B. having the cost of the externality be paid by the government. C. ensuring that the social cost of buying a newspaper is reflected in its price. D. taxing the suppliers of newspaper by the pound.