Which of the following combinations would result in an INCREASE in $ sales of Honda Civics for Honda of Ames based on different combinations of the own P elasticity of D for Civics and how the firm changes its P of Civics?
a) D is elastic, decrease P
b) D is inelastic, raise P
c) D is unitary, keep P the same
d) A and B
e) None of the above
d) A and B
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Refer to Table 16.2. Nominal GDP for Fredonia for 2015 equals
A) $2,750. B) $3,500. C) $4,325. D) $5,500.
Which of the following would be least likely to cause the production possibilities curve to shift outward?
a. a decreased desire for leisure by workers in the economy. b. an invention that requires fewer resources to produce a good. c. a shift in consumer preferences that causes expansion in the output of one product and a decline in output of other products. d. an expansion in the man-made productive resources available to the economy as the result of a high rate of investment.
Which of the following is a trend in the U.S.?
A. increasing number of service industries B. decreasing number of Hispanic workers C. increasing number of goods-producing industries D. decreasing number of Asian workers
If workers are in the backward-bending section of their labor supply curves, than an increase in the income tax rate will
A) increase the tax revenue and increase the number of hours worked. B) increase the tax revenue and decrease the number of hours worked. C) decrease the tax revenue and increase the number of hours worked. D) decrease the tax revenue and decrease the number of hours worked.