In 2014, the price of peanuts was rising, which lead peanut butter sellers to expect the price of peanut butter would rise in the future
Consequently, in the current market for peanut butter there was ________ which resulted in ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) an increase in demand for peanut butter; an increase; an increase
B) an increase in supply of peanut butter; a decrease; an increase
C) a decrease in demand for peanut butter; a decrease; a decrease
D) a decrease in supply of peanut butter; an increase; a decrease
B
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How is human capital most commonly measured?
a. By the organizational rank and seniority b. By the amount of pay and incentives c. By the amount of education and training d. By the compensation structure and work policies
Ralph is a plumber. Which of the following are included in his human capital?
a. the knowledge he learned on the job, and the tools he uses b. the knowledge he learned on the job, but not the tools he uses c. the tools he uses, but not the knowledge he learned on the job d. neither the knowledge he learned on the job nor the tools he uses
Figure 5-12
In Figure 5-12, the move in the consumer equilibrium from A to B shows that
a.
beer is an inferior good, but wine is a normal good.
b.
wine is an inferior good, but beer is a normal good.
c.
both beer and wine are normal goods.
d.
both beer and wine are inferior goods.
If oil prices decrease,
A) the short-run aggregate supply curve will shift down. B) the long-run aggregate supply curve will shift to the left. C) the short-run aggregate supply curve will shift up. D) the long-run aggregate supply curve will shift to the right.