Suppose all of the major computer manufacturers announced that beginning next month there would be major price reductions on their computers. This would cause the current demand for computers to:
A. increase.
B. decrease.
C. remain unchanged.
D. increase and then decrease.
Answer: B
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The quantity supplied of a good or service is the amount that
A) producers wish they could sell at a higher price. B) is actually bought during a given time period at a given price. C) people are willing to buy during a given time period at a given price. D) producers plan to sell during a given time period at a given price.
Why are Federal Reserve Notes (U.S. dollar bills) money in the U.S? Because
A) they are backed by gold. B) they are used as a general medium of exchange. C) they are created by the government. D) they would otherwise be useless. E) of all the above reasons.
Suppose the government taxes 10 percent of the first $20,000 in income, 20 percent of the next $20,000 in income, and 30 percent of all income over $40,000 . Calculate the marginal tax rate and the average tax rate for a person who earns $100,000
The marginal product of labor is defined as
A) the change in total revenue that results when an additional unit of a labor is hired. B) the additional labor required to produce one more unit of output. C) the additional labor cost of producing one more unit of output. D) the change in output that a firm produces as a result of hiring one more worker.