Assume that you are currently making $15,000 a year as a sales clerk in a department store
At the end of your senior year in college in May you get a job offer from a large accounting firm that won't start until late August of that same year but which pays $45,000 per year. What would you expect might happen to your demand for an automobile and new clothes immediately and why?
Because of the expectation of higher income in the future you will probably purchase a car and some new clothes to get ready for the new job.
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Since World War II the U.S. ________
A) has seen a substantial increase in the inflation rate B) has seen less frequent periods of deflation C) has seen a significant upward trend in real GDP D) all of the above E) none of the above
Production of a catheter in the U.S. requires either one skilled worker-day or two unskilled worker-days, while production of the same device in Guatemala, because of its relative lack of transportation and communications infrastructure, requires either three skilled worker-days or four unskilled worker-days. Production of a hammock in the U.S. requires one-fourth skilled worker-day or one-third unskilled worker-day, while production of a hammock in Guatemala requires one-third skilled worker-day or one unskilled worker day. If one hundred unskilled worker-days are moved from producing hammocks to producing catheters in the U.S., while one hundred twenty skilled worker-days are moved from producing catheters to producing hammocks in Guatemala, combined production of the two goods in the
two countries will change by A. no net change in production of the two goods would occur. B. five additional catheters and thirty fewer hammocks. C. thirty additional catheters and five additional hammocks. D. ten additional catheters and sixty additional hammocks.
When supply increases and the supply curve shifts to the right, equilibrium price ________ and equilibrium quantity ________.
A. increases; increases B. increases; decreases C. decreases; increases D. decreases; decreases
Which two sources of revenue comprise most of federal government revenue?
A. Individual income tax and corporate income taxes B. Corporate income taxes and excise taxes C. Corporate income taxes and social security taxes and contributions D. Individual income tax and social security taxes and contributions