As the price of a resource decreases,
a. demand for that resource increases.
b. the quantity demanded of that resource decreases.
c. the supply of that resource increases.
d. producers are more willing and able to hire that resource.
e. producers are less willing and able to hire that resource.
D
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A(n) _____ is an indirect tax imposed on each sale at each stage of production
a. personal tax b. value-added tax c. excise duty d. sales tax e. ad-valorem tax
Recall the Application about the harmattan and how it affects the price of cocoa to answer the following question(s).According to this Application, the dry dust wind known as the harmattan has caused ________ of cocoa pods.
A. a decrease in the supply B. an increase in the supply C. an increase in the demand D. a decrease in the demand
If a good is a luxury, the income elasticity of demand must be
A. positive and greater than 1. B. zero. C. negative. D. merely positive (not necessarily greater than 1).
Welfare support creates a moral hazard by
A. Solving the equity and efficiency conflict. B. Reducing the need to work. C. Encouraging workfare. D. Encouraging individuals to help themselves.