You receive a five percent raise in your hourly wage. The inflation rate is four percent. Your purchasing power has
A. decreased.
B. is indeterminate.
C. increased.
D. stayed the same.
Answer: C
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The term "direct relationship" means the same as
A) correlation. B) trend. C) positive relationship. D) negative relationship.
If the price of music downloads was to decrease, then
A) the supply of MP3 players would increase. B) the demand for MP3 players would decrease. C) the demand for MP3 players would increase. D) the quantity of MP3 players demanded would decrease.
Colorado experiences a record snowfall during the winter season. What impact will this have on the market for snowmobiles?
a. The supply of snowmobiles will increase and the price of snowmobiles will increase. b. The supply of snowmobiles will increase and the price of snowmobiles will fall. c. The demand curve for snowmobiles will decrease and the price of snowmobiles will fall. d. The demand curve for snowmobiles will increase and the price of snowmobiles will rise.
Exhibit 15-4 Coffee and tea output (pounds per hour) CountryCoffee Tea Brazil10 5 China 8 8 As shown in Exhibit 15-4, compared to Brazil, China has a comparative advantage in the production of:
A. coffee. B. tea. C. both coffee and tea. D. neither coffee nor tea.