Which of the following might cause the demand for ice cream, a normal good, to increase?
a. an increase in the price of ice cream
b. an increase in the price of sherbet
c. cooler weather
d. a decrease in the number of consumers
e. a decrease in consumer income
B
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Which of the following represents a collective action problem?
A) The battery in Billy's pickup truck has died so he must leave his house 90 minutes earlier than usual to take public transportation to work. B) Sonia cuts down a diseased oak tree in her back yard, eliminating the shade that blocked the afternoon sun from shining through her living room windows. C) Miss Lander's third grade class has to cut short their field trip to Insect World because someone in Mr. Rutherford's fourth grade class accidentally opened the safety door in the bumblebee exhibit. D) Most of the audience cannot hear the dialog at a midnight showing of The Room because the film's most ardent fans insist on shouting with the dialog throughout the entire screening.
People base their labor supply on the ________ because they care about ________
A) real wage; what their earnings will buy B) real wage; the equality of money wages and the price level C) money wage; a surplus of labor D) money wage; the amount of labor firms demand
Suppose that the adult population in some country is 225 million. If 40 million are unemployed and 100 million are employed, then the unemployment rate is approximately
a. 29%. b. 18%. c. 24%. d. 6%.
The price-leadership model is best applied when there are no dominant firms in a market.
Answer the following statement true (T) or false (F)