Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, we would expect that
A) price will decrease until quantity demanded equals quantity supplied.
B) supply will increase until quantity demanded equals quantity supplied.
C) demand will decrease until quantity demanded equals quantity supplied.
D) there will be no change in the price since the market is in equilibrium.
A
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Which economist said, "This focus on distribution makes the significance of distributional issues (transfer issues) in political life relatively greater and the significance of widespread common interest in political life relatively smaller."?
A. John Maynard Keynes B. Milton Friedman C. David Friedman D. Mancur Olson E. David Ricardo
Suppose a trade secret's owner has successfully proven in court that an infringer has illegally used the trade secret. If the trade secret's owner has lost $10 million in profits because of the infringement and the infringer has earned $6 million in profit as a result of illegally using the trade secret, the trade secret's owner will be awarded ________.
A) $4 million B) $10 million C) $16 million D) $6 million
Which of the following statements is a positive economic statement?
A) The number of families living in poverty in the United States is too high. B) One in every five children in the United States is living in poverty. C) Government programs to help the poor are just making problems worse. D) Increases in poverty rates signify a deterioration of the U.S. economy.
This statement is true. The Producer Price Index (PPI) is based on prices paid for supplies and inputs by producers of goods and services. The PPI in general has increase over time representing that the cost of living has increased over time.
a. Consumer Price Index b. Product Price Index c. Employment Cost Index d. Employment Price Index