We observe a market where the price has risen and the quantity being sold has declined. This could be caused by a(n):
a. Increase in demand
b. Increase in supply
c. Decrease in demand
d. Decrease in supply
d. Decrease in supply
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Which of the following statements is INCORRECT?
a. Before the 1950s, all air quality laws in the United States had been enacted at the state and local levels of government b. The first state-level law to control motor vehicle emissions was passed in Massachusetts c. The Clear Skies Act was put forth under the administration of George W. Bush d. The Clean Air Act Amendments of 1990 include some market-based policies
The price of milk increases. Which of the following is NOT part of the likely chain of events that follows from this price change?
A) Some milk consumers reduce their consumption of milk. B) Milk producers increase their production of milk. C) The producers of feed for dairy cows increase production. D) The manufacturers of milking machines lay off some workers.
Sophia is tending to her home garden while awaiting recall from her seasonal part-time job. The Bureau of Labor Statistics would classify Sophia as
a. not in the labor force. b. employed. c. unemployed. d. employed as a household worker.
What is the present value of $100 two years from now at an interest rate of 6%?
A) $6 B) $89 C) $94.34 D) $106