Which of the following non-OPEC nations have raised and lowered production in step with the OPEC nations, thus making the cartel more effective?
A. Venezuela and Nigeria
B. Iran and Iraq
C. Mexico and Norway
D. Mexico and the United States
C. Mexico and Norway
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The slope of an indifference curve is called the
A. bliss gradient. B. happiness slope. C. average transformation rate. D. marginal rate of substitution.
In September 2006, the Food and Drug Administration recommended that Americans avoid eating bagged raw spinach in the wake of an outbreak of E. coli bacteria
Following this recommendation, the food industry looked at alternatives and many turned to arugula. One Chicago distributor claimed, "The sale of the stuff has gone through the roof." Based on this information A) the cross-price elasticity between arugula and spinach is negative. B) the cross-price elasticity between arugula and spinach is positive. C) the price elasticity of arugula is positive while the price elasticity of spinach falls to zero. D) arugula is a normal good while raw spinach is an inferior good.
A change in the equilibrium in one market which affects other markets is known as _____________________
Fill in the blank(s) with the appropriate word(s).
Outsourcing is
A) one of the factors that shifts the supply of labor curve. B) when a firm employs labor outside the country in which the firm is located. C) when the change in the price of a complementary input causes the demand for labor curve to shift in the opposite direction. D) the cost of using an additional unit of an input.