Which of these events could permanently shift a individual's demand curve for umbrellas to the right?
a) He buys a car so her no longer needs to walk to and wait at a bus stop every morning to get to work
b) He moves from a desert community to a rainy city by the ocean
c) The price of umbrellas decreases significantly as inexpensive umbrellas are imported from China
d) Weather forecasters predict that a major hurricane will hit his city in the following week
Ans: b) He moves from a desert community to a rainy city by the ocean
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Between 1921 and 1929 national output rose about _____%.
Fill in the blank(s) with the appropriate word(s).
Scarcity:
a. is only a problem in communist countries b. is a problem in both communist and socialist countries, but not in market economies. c. does not exist in wealthy countries. d. will never be eradicated because humans develop new wants as productive capabilities improve.
Suppose that the wage for musicians decreases relative to other occupations. We know that ________ people will work in music, and the total number of hours worked will ________.
A. more; increase B. more; decrease C. fewer; increase D. fewer; decrease
Payment of a share of prospective royalties to the author before publication is called the
A. allowance. B. bonus. C. advance. D. stipend.