The market for automobiles in China has experienced tremendous growth primarily because of
A. the invention of new products.
B. relaxed emissions standards in China.
C. rising incomes in China.
D. higher wages of American workers.
Answer: C
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Economic developments after the Civil War (1861–1865) in the South include all of the following except
(a) A decline in cotton prices with the result that poverty associated with cotton became a fixed feature of the South (b) The relatively widespread land ownership among the freed slaves (c) The widespread adoption of the sharecropping system (d) The widespread debt peonage for the freed slaves
A change in price will lead to a change in __________ and to a change in __________, while a change in preferences will lead to a change in __________ and a change in the prices of relevant resources will lead to a change in __________
A) quantity supplied; demand; income; supply B) demand; quantity supplied; supply; quantity demanded C) quantity supplied; supply; quantity supplied; demand D) quantity supplied; quantity demanded; demand; supply E) quantity supplied; quantity demanded; supply; demand
Individuals in a market economy can be both buyers and sellers.
Answer the following statement true (T) or false (F)
If prices are "sticky" in the short run, then
A. The economy will respond to demand shocks primarily through changes in output and employment B. The economy will respond to demand shocks primarily through changes in prices and inflation C. Prices will adjust to equalize the quantities demanded and supplied of goods and services D. Unemployment will not change in response to a demand shock