How would a decrease in consumer income affect the market for lawn mowers?
a. Demand would decrease, leading to an increase in price and a reduction in quantity sold.
b. Demand would decrease, leading to a reduction in price and a reduction in quantity sold.
c. Demand would increase, leading to an increase in price and an increase in quantity sold.
d. Demand would increase, leading to a reduction in price and an increase in quantity sold.
B
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An overvalued domestic currency:
A) can be achieved by selling the domestic currency. B) harms all the economic agents in the country. C) makes imports less expensive for domestic consumers. D) benefits all the economic agents in the country.
The owner of a productive resource is most usefully thought of as the person who
A) can appropriate the income from its use. B) can use it most efficiently. C) is willing to pay the most to obtain it. D) possesses legal title.