According to the law of demand, the higher the price of an assigned textbook, the _______________ the quantity demanded of assigned textbooks will be, ceteris paribus, and the ______________ likely students will seek out an alternative to the assigned textbook
A) lower; less
B) lower; more
C) higher; less
D) higher; more
B
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Kariuki decreases his consumption of grapes after his income goes up. For Kariuki
A) grapes and income are substitute goods. B) grapes and income are complementary goods. C) grapes are an inferior good. D) grapes are a superior good.
The major trade groups in South America are CAN and Mercosur.
a. true b. false
Discretionary government policy ensures the stabilization of the economy.
Answer the following statement true (T) or false (F)
The figure above shows the U.S. supply of labor curve. If there is a simultaneous increase in the nominal wage rate of 10 percent and a 10 percent increase in the price level, there will be a
A) rightward shift of the supply of labor curve. B) movement downward along the supply of labor curve from a point such as A to a point such as B. C) leftward shift of the supply of labor curve. D) movement upward along the supply of labor curve from a point such as C to a point such as B. E) None of the above answers is correct because there is no change in the supply of labor curve.