If the demand for green tea increases as income increases, green tea is a(n)
A. inferior good.
B. substitute good.
C. complementary good.
D. normal good.
Answer: D
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If a pair-wise majority vote was held to determine which school project gets funded and the voters' preferences are shown in the table, in order for the library to win overall, which items must be voted on first?
A. Computer lab and gym
B. Library and computer lab
C. Gym and library
D. The order will not affect the outcome of the vote.
Which of the following illustrates the law of demand?
A. More people watch college football in March than in December. B. The number of long distance calls in the United States is greater on Christmas than on Valentine's Day. C. The prevailing wage rate in an industry determines how many people choose to work in the industry. D. College enrollment decreases when tuition increases.
Along the 45° reference line
A. the relationship between consumption and income is represented. B. consumption expenditures equal saving. C. the average propensity to consume is represented. D. planned real expenditures equal real disposable income.
Which of the following will NOT shift the MRP curve for labor?
A) a change in the productivity of labor B) a change in the price of the product being sold C) a change in the wage rate in the market D) a change in the demand for the product being produced