According to a survey by the U.S. Bureau of Labor Statistics, which of the following statements about annual U.S. household consumer expenditures is false?
A) The income elasticity of demand for entertainment is positive.
B) The income elasticity of demand for owner-occupied housing is positive.
C) The income elasticity of demand for rental housing is positive.
D) The income elasticity of demand for health care is positive.
E) Average family expenditures increase with income.
C
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Government tax and expenditure policies that affect real GDP are called
A) automatic fiscal policy. B) discretionary fiscal policy. C) fiscal policy. D) supply-side policy.
Firms that anticipate hold-up, choose organizational or contractual forms
a. To give each party both the incentive to make relationship-specific investments b. To give each party both the incentive to ignore sunk costs c. To give each party both the incentive to reduce investments in reputation d. To give each party both the incentive to make non-specific investments