Which of the following might create cost-push inflation?
A. A decrease government spending
B. The imposition of a 35-hour work week
C. A decrease in government regulation
D. A decrease in oil prices
Answer: B
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The United Auto Workers bargained for higher wages and more benefits for autoworkers. As a result of the higher wages and increased benefits,
i. the quantity of new automobiles supplied decreases. ii. the supply of new automobiles decreases. iii. the supply of new automobiles increases. A) only i B) only ii C) only iii D) both i and ii E) Neither i, ii, nor iii is correct.
The law of supply states that, holding other factors constant, as price increases
a. Quantity supplied increases b. Quantity supplied decreases c. Quantity demanded increases d. Quantity demanded decreases
By definition, there is discrimination when the marketplace offers different opportunities to similar individuals who differ only by
a. race, ethnic group, sex, age, or other personal characteristics. b. qualifications, experience, or job preferences. c. levels of human capital. d. All of the above are correct.
Does a change in the price in a market result in a shift of the demand curve or in a movement along the demand curve?