Keynes argued that when unemployment was high, wages would ________.
A. resist rising
B. resist falling
C. rise quickly
D. fall quickly
Answer: B
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As the income for bus consumers increased, the wages of bus drivers increased simultaneously. How does this affect the market for bus rides (inferior good)?
a. The demand curve will shift to the left; the supply curve will shift to the left b. The demand curve will shift to the left; the supply curve will shift to the right c. The demand curve will shift to the right; the supply curve will shift to the left d. The demand curve will shift to the right; the supply curve will shift to the right
Historical note: When the railroad displaced water transport as the principal means of long-distance transportation, it sparked massive investment spending not only in the railroad industry, but in secondary industries such as
a. mining, automobiles, and genetic engineering b. steel, computers, and videocassette recorders c. lumber, construction, and aviation d. construction, steel, housing, and semiconductors e. mining, steel, lumber, and construction
Which of the following would both shift aggregate demand right?
a. the price level decreases and government expenditures increase. b. the price level decreases and the government repeals an investment tax credit. c. taxes decrease and government expenditures increase. d. None of the above are correct.
When disposable income is 2000, how much is consumption?
