Anything that influences a good’s price or the marginal physical product of labor will influence wages.
Answer the following statement true (T) or false (F)
True
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Which of the following events would result in an increase in the demand for natural gas, causing the demand curve to shift outward?
A. A decrease in the price of electricity B. An increase in the price of furnaces C. An increase in the price of heating oil D. A decrease in the price of natural gas
The voices of business and industry are less likely to influence government policy than the voices of consumers in the HPAE
Indicate whether the statement is true or false
Alland can produce 48 units of food per person per year or 16 units of clothing per person per year, and Georgeland can produce 16 units of food per year or 8 units of clothing. Which of the following statements is true? a. Alland has a comparative advantage, but not an absolute advantage, in producing clothing. b. Alland should specialize in the production of clothing
c. Georgeland has both a comparative and an absolute advantage in producing clothing. d. Alland should specialize in the production of food.
A 3 percent increase in the price of tea causes a 6 percent increase in the demand for coffee. The cross elasticity of demand for coffee with respect to the price of tea is:
A. -0.5 B. +0.5 C. -2.0 D. +2.0