If retail managers are ordering extra merchandise from their wholesale distributors, then it is probably true that
A. total output is greater than total spending.
B. price levels are decreasing.
C. inventory levels are increasing.
D. inventory levels are decreasing.
Answer: D
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The marginal cost of an activity ________ as you do more of it
A) increases B) decreases C) doesn't change D) changes only if the marginal benefit of the activity does not change E) changes only if the marginal benefit of the activity changes
Roy just got a big promotion at work which includes a sizable pay increase. Roy's demand for Ramen Noodles, an inferior good, will likely:
A. decrease, and his demand curve will shift to the right. B. decrease, and his demand curve will shift to the left. C. increase, and his demand curve will shift to the right. D. decrease, causing a movement down along his demand curve.
Markets fail when externalities are present
a. because all of the costs and benefits of producing a good are reflected in the market price b. because some of the costs and benefits of producing a good are not reflected in the market price c. only if they are negative; positive externalities are not market failures d. because profits are not maximized e. if the positive externalities are less than the negative externalities
Today, about ________ of U.S. workers have their wages set by collective bargaining agreements
A) 10% B) 15% C) 20% D) 25%