Compared to Western Europe, over the last three decades unemployment in the United States is ________ and the rate of job creation is ________.
A. higher; faster
B. lower; faster
C. lower; slower
D. higher; slower
Answer: B
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A change in which of the following alters buying plans for cars but does NOT shift the demand curve for cars?
A) a 5 percent increase in people's income B) a 10 percent decrease in the price of car insurance C) a 20 percent increase in the price of a car D) an increased preference for walking rather than driving
A firm's economic profit includes all opportunity costs incurred by the firm
a. True b. False Indicate whether the statement is true or false
Some proponents of trade sanctions argue for changes in policy because they fear low standards will be used to capture markets and foreign investment. While theoretically possible, there is little or no support for the view that countries use low labor standards this way, because
A) countries with low labor standards generally have trouble attracting foreign investment. B) low standards can change a country's comparative advantage. C) it is impossible to lower labor standards. D) countries would not have an incentive to have low standards.
When the price of tea decreases 7%, quantity demanded increases 12%. The price elasticity of demand for tea is ________ and total revenue from tea sales will ________.
A. inelastic; decrease B. inelastic; increase C. elastic; decrease D. elastic; increase