This graph depicts the demand for a normal good.
A shift from A to B in the graph shown might be caused by:
A. a decrease in the price of a substitute.
B. a decrease in the price of a complement.
C. an increase in the price of a complement.
D. an increase in the good's price.
B. a decrease in the price of a complement.
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Classical macroeconomic theorists believed that if there were more workers who wanted to work than there were firms who wanted to hire them, then wages would ________.
A. not change B. rise slowly C. resist falling D. fall quickly
If the goal of the union is to maximize member income, then
A) a wage rate will be set in the inelastic portion of the demand curve. B) a wage rate will be set at the point at which the elasticity of demand equals 1 and marginal revenue is positive. C) a wage rate will be set at the point at which marginal revenue equal zero. D) the supply of labor must be inelastic.
You offer an extended warranty for your product that is purchased by a few customers. If the product typically fails 2% of the time,
a. you should price the warranty at less than 2% of the product price b. you should price the warranty at exactly 2% of the product price c. you should price the warranty at more than 2% of the product price d. Cannot tell from this information
Which of the following is included in Singapore's GDP?
a. The value of production by a Singaporean working in the U.S. b. The value of production by an American working in Singapore c. The value of production by a Singaporean that crosses the border to work in Malaysia. d. All of the above are correct.