If the demand for steak (a normal good) shifts to the left, the most likely reason is that:
A. cattle production has declined.
B. the price of steak has risen.
C. the price of cattle feed has gone up.
D. consumer incomes have fallen.
Answer: D
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For any competitive labor market, changes that increase the opportunity cost of work will:
A. increase the labor supply and shift the supply curve right. B. decrease the labor supply and shift the supply curve right. C. decrease the labor supply and shift the supply curve left. D. increase the labor supply and shift the supply curve left.
The classic example of a detrimental externality is
a. education. b. pollution. c. discovery of an AIDS vaccine. d. Mrs. Lewis' prize-winning rose garden.
Who or what did Edwards Deming blame for the problems in American manufacturing?
A. Tariffs B. Steel prices C. The system D. The workers
Refer to Scenario 6.1. Suppose the friends are forced by government to combine their businesses and share what they make. With this revision to the scenario, the dominant strategy is for Tasha to work ________ and for Gloria to work ________
A) extremely hard; extremely hard B) extremely hard; somewhat hard C) somewhat hard; extremely hard D) somewhat hard; somewhat hard