As more people quit smoking in the United States, what is expected to happen to the price elasticity of supply of cigarettes?
A) It will decrease.
B) It will increase.
C) It can increase or decrease.
D) It will not change.
A
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In the long run, _________ growth is the most important factor in shifting the AS curve.
a. consumption b. productivity c. savings d. population
Studies have shown that union workers earn about
a. 10 to 20 percent more than nonunion workers in similar jobs. b. 10 to 20 percent less than nonunion workers in similar jobs. c. 40 to 50 percent more than nonunion workers in similar jobs. d. 40 to 50 percent less than nonunion workers in similar jobs.
Suppose one observes that when the price of peanut butter increases, the demand for jelly increases. One should conclude that:
A. peanut butter and jelly are complements. B. peanut butter and jelly are substitutes. C. peanut butter and jelly are inferior goods. D. peanut butter and jelly are normal goods.
The planned investment function will shift upward if
A. the interest rate rises. B. business expectations become more optimistic. C. the existing stock of capital falls. D. real disposable income decreases.