A downsloping demand curve can be derived for a normal product by increasing its price in the consumer-behavior model and noting:
A. The increase in the utility-maximizing quantity of that product demanded
B. The decrease in the utility-maximizing quantity of that product demanded
C. A substitution effect that encourages more consumption of that product
D. An income effect that encourages more consumption of that product
B. The decrease in the utility-maximizing quantity of that product demanded
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Market supply is obtained by
A) summing the amount demanded by individual consumers at various prices. B) summing the amount supplied by individual producers at various prices. C) the law of supply. D) observing how the supply curve shifts.
Which word comes from the Greek world for "one who manages a household"?
a) market b) consumer c) producer d) economy
If average labor productivity in two countries is the same, average living standards will be higher in the country with:
A. the lower share of population employed. B. the smaller population. C. the higher share of population employed D. the larger population.
Refer to Table 4-4. If a minimum wage of $9.50 an hour is mandated, what is the quantity of labor demanded?
A) 380,000 B) 370,000 C) 360,000 D) 10,000