The category of spending called "food away from home" makes up a smaller proportion of the market basket than which of the following categories?
A. Food at home
B. Gasoline
C. Medical care
D. Education
Answer: A
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A graph shows the price of a pound of cucumbers on the vertical axis and the quantity of new cars sold by GM on the horizontal axis. The price of a pound of cucumbers remains constant as the quantity of new cars sold increases
The graph of these data is A) a horizontal line. B) a vertical line. C) a curve with a maximum. D) a positively-sloped line.
A shadow price is:
(a) the price in the previous period. (b) the price in the next period. (c) the social value of a good or service. (d) the market value of a good or service. (e) none of the above.
A backward-bending portion of an individual labor supply curve is most likely to be observed: a. at lower wages
b. at higher wages. c. in manufacturing industries. d. in service industries.
The 2008 financial crisis peaked in September 2008, when Lehman Brothers declared bankruptcy
a. True b. False