Clorox Bleach and generic brands have the exact same proportions of chlorine and other active ingredients. The reason that people continue to purchase Clorox at twice the price of the generic brand is the
a. price elasticity of demand classifies them as belonging to the same market
b. low cross elasticity between Clorox and the generic brand
c. high cross elasticity between Clorox and the generic brand
d. perceived differences on the part of consumers
e. income elasticity of demand is higher for the Clorox brand
D
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If another worker is hired with a marginal product greater than the previously hired worker, which of the following will be true?
A) Total costs will decrease. B) Fixed costs will decrease. C) Marginal cost will increase. D) Marginal cost will decrease. E) Average fixed costs will increase.
Which of the following is likely to cause a decrease in the wage rate and an increase in the employment level of a country?
A) A left shift in the demand curve for labor, without any change in the supply curve for labor B) A left shift in the supply curve for labor, without any change in the demand curve for labor C) A right shift in the supply curve for labor, without any change in the demand curve for labor D) A right shift in the demand curve for labor, without any change in the supply curve for labor
In which of the following cases did the U.S. Supreme Court decide that a corporation was an "individual" but not a constitutional citizen?
(a) Nebbia v New York (1934) (b) Munn v Illinois (1877) (c) McCulloch v Maryland (1819) (d) Dartmouth College v Woodward (1819)
If speculators bid up the value of the U.S. dollar in the market for foreign exchange, then
a. U.S. goods become more expensive relative to foreign goods so aggregate demand shifts right. b. U.S. goods become less expensive relative to foreign goods so aggregate demand shifts right. c. U.S. goods become more expensive relative to foreign goods so aggregate demand shifts left. d. U.S. goods become less expensive relative to foreign goods so aggregate demand shifts left.