Refer to the data. Assume new product Z is introduced. How many units of Z will this consumer buy, given his or her $12 budget?
Consumer's income = $12
A. Zero units.
B. 2 units.
C. 4 units.
D. 6 units.
D. 6 units.
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A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
As disposable income ________, planned consumption expenditure ________ by a ________ amount
A) decreases; increases; larger B) increases; decreases; smaller C) increases; increases; larger D) increases; increases; smaller E) decreases; increases; smaller
The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, then there will be
A) unemployment of 200 workers. B) a surplus of 200 workers. C) unemployment of 400 workers. D) a surplus of 400 workers. E) no unemployment of workers and no surplus of workers.
A period of expansion in the business cycle ends when
A) the business cycle reaches its peak. B) the business cycle reaches its trough. C) real GDP is less than potential GDP. D) real GDP is equal to potential GDP.