Which of the following could cause a decrease in labor supply?
a. An increased preference for working in the labor market
b. An increase in the number of two-family households
c. An increased preference for enjoying leisure time
d. A trend toward less schooling and toward earlier entrance into the labor market
e. An increase in the retirement age
C
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According to a study of the U.S. demand for alcoholic beverages, the price elasticity of demand for beer is -0.30. Which of the following could explain why the price elasticity of demand for beer is low?
A) More and more people are switching to wine and cocktails rather than beer. B) Beer is an inferior alcoholic beverage. C) There are only a few major suppliers of beer. D) The price of beer is relatively low and for many people it is a habit forming product.
The U.S. dollar appreciates against the euro. What is the impact on aggregate expenditures and income?
A) Both increase. B) Both decrease. C) Aggregate expenditure increases and income decreases. D) Aggregate expenditure decreases and income increases.
The amount of a good that must be given up to produce another good is the concept of:
a. scarcity. b. specialization. c. trade. d. efficiency. e. opportunity cost.
Which of the following pairs is the best example of substitutes?
a. coffee and cream b. videotapes and VCRs c. honey and biscuits d. bread and butter e. butter and margarine