If the price of one good goes up and the demand of a related good goes down, the two goods are
A) complements.
B) substitutes.
C) inferior goods.
D) normal goods.
A
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Refer to Game Matrix I. If this game is played sequentially with Player A choosing first, the Stackelberg equilibrium is
a. the upper left-hand corner.
b. the upper right-hand corner.
c. the lower left-hand corner.
d. the lower right-hand corner.
Which of the following is a subject that economists study?
a. the growth in average income b. the fraction of the population that cannot find work c. the rate at which prices are rising d. All of the above are correct.
A time-series graph reveals whether there is a ________, which represents ________
A) trend in a variable; a general tendency for the variable to rise or fall B) relationship between two variables; a cross-section relationship C) trends in two variables; unrelated variables D) relationship between two variables; a trend in a variable E) cross-section relationship; a general tendency for the variables to rise or fall
The labor demand and labor supply schedules are given in the table above. If a minimum wage of $9 per hour is imposed,
A) a surplus of 300 workers occurs. B) a shortage of 300 workers occurs. C) there is no surplus or shortage of workers. D) the quantity demanded is 1,000 workers. E) there is unemployment of 700 workers.