How does an increase in the price of laptop memory chips affect the market of laptops?
a. The demand curve for laptops shifts to the right
b. The demand curve for laptops shifts to the left
c. The supply curve for laptops shifts to the right
d. The supply curve for laptops shifts to the left
d
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Refer to Figure 17-4. Which of the following is true if the wage rate increases from W1 to W2?
A) The substitution effect becomes larger than the income effect. B) The income effect becomes larger than the substitution effect. C) The supply curve is unit elastic. D) The income effect and the substitution effect are equal.
If two bundles are on the same indifference curve, then
A) the consumer derives the same level of utility from each. B) the consumer derives the same level of ordinal utility from each but not the same level of cardinal utility. C) no comparison can be made between the two bundles since utility cannot really be measured. D) B and C.
The highest expenditure on a security item found in national spending at the federal, state, and local level is on
a. police b. fire c. corrections d. national defense e. Social Security
If a country sells more goods and services abroad than it purchases abroad, it has positive net exports and a trade surplus
a. True b. False Indicate whether the statement is true or false