Which of the following events will cause a leftward shift in the supply curve of gasoline?
A) A decrease in the price of gasoline
B) An increase in the wage rate of refinery workers
C) Decrease in the price of crude oil
D) An improvement in oil refining technology
E) all of the above
B
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Most of the low-income economies have a fertility rate below 2.2 births per woman
Indicate whether the statement is true or false
With a cubic production function of the form Q = aK3L3 + bK2L2, in order for the average and marginal product functions to have their usual theoretical properties, it must be the case that
A. a > 0, b > 0 B. a < 0, b > 0 C. a < 0, b < 0 D. a > 0, b < 0
A tax levied on the purchase of a specific good or service is
A. a purchase tax. B. a value tax. C. an excise tax. D. a consumption tax.
Refer to Scenario 3.1 below to answer the question(s) that follow.SCENARIO 3.1-Streaming movies and movies shown in theaters are substitutes. -Streaming movies and OLED TVs are complements. -OLED TVs and movies shown in theaters are normal goods. -People watch streaming movies more often in the winter than in the summer.Refer to Scenario 3.1. To raise additional revenues, the government imposes an entertainment tax on movie tickets, but there are no new additional taxes levied on streaming movies. This would lead to
A. an increase in the price of movie tickets and the price of streaming movies. B. an increase in the price of a movie ticket and a decrease in the price of streaming movies. C. an increase in the price of movie tickets, but no change in the price of streaming movies. D. no change in the price of a movie ticket and an increase in the price of streaming movies.