Consider the market for Hewlett-Packard printers, depicted in the figure to the right, where the supply of HP printers has increased from S1 to S2. What would cause the supply curve for HP printers to shift to the right?
A. a decrease in the price of a substitute in production
B. a decrease in the price of an input
C. a higher expected future price for HP printers
D. both A and B
E. all of the above
Ans: D. both A and B
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Refer to Table 9-3. Select the statement that accurately interprets the data in the table
A) Tina has a comparative advantage in making candles. B) Bryce has a comparative advantage in making candles and making soap. C) Bryce has a comparative advantage in making candles. D) Bryce has an absolute advantage in making soap.
If a 10 percent wage increase in a particular labor market results in a 5 percent decline in employment in that market, labor demand is:
A. unit-elastic. B. elastic. C. inelastic. D. perfectly elastic.
Which of the following is partially responsible for the male-female wage gap in the United States?
A. Women have, on average, less education than their male counterparts. B. Women have, on average, less work experience than their male counterparts. C. Women have been denied access to many occupations, leading to increased supply in a few occupations. D. All of these are correct.
Which of the following is FALSE?
A) Tariffs are a relatively easy tax to administer and often form an important part of revenue for low-income countries. B) Taxes on income, sales, and property require more complex accounting systems than do tariffs. C) Low-income countries often have large informal markets with the sales of many goods and services not being recorded, which makes it difficult to apply many kinds of taxes. D) Tariffs are not an attractive tax option for most low-income countries, so they mostly rely on quota licenses for revenue.