You watch a lot of HGTV during your summer vacation, and you notice that most housing buyers list granite countertops in their "must have" lists when buying a new or existing house. You expect the demand for
a. granite countertops to shift to the left.
b. granite countertops to shift to the right.
c. substitute products such as marble countertops to shift to the right.
d. substitute products such as marble countertops to be unaffected by buyers' preferences for granite.
b
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A situation in which money buys the same amount of goods and services in different currencies is called
A) a fixed exchange rate. B) purchasing power parity. C) exchange rate surplus. D) exchange rate equilibrium. E) exchange rate balance.
Teachers often earn less than truck drivers because
a. teachers could switch to trucking more easily than truckers could switch to teaching b. trucking is a riskier occupation c. truckers require greater education d. teachers have more job mobility e. trucking has a higher social status
The number of workers hired by a monopsonist that is facing a union is
a. equal to the competitive labor market number of workers b. greater than the competitive labor market number of workers c. greater than the number of workers if the monopsonist were not facing a union d. less than the number of workers if the monopsonist were not facing a union e. the same as the number of workers if the monopsonist were not facing a union
Based on the graph showing rational expectations and the AD/AS model, when expansionary policy creates the movement to a point higher up the long-run aggregate supply curve, the result is ______.
a. higher price levels and lower RGDP
b. lower price levels and higher RGDP
c. higher price levels and no change in RGDP
d. higher RGDP and no change in price levels