The economy will reach equilibrium in a simple economy only if saving is
A. greater than investment.
B. less than investment.
C. equal to investment.
D. equal to disposable income.
Answer: C
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The primary component of photochemical smog is
a. lead c. sulfur dioxide b. tropospheric ozone d. carbon dioxide
Craft unions typically attempt to increase wages by
a. setting a wage floor b. reducing labor supply c. increasing labor demand d. reducing initiation fees e. expanding new union memberships
Exchange rates change because of relative
A. Income, relative price, and relative interest rates of countries. B. Price changes but not relative interest rate changes. C. Interest rate changes but not relative income changes. D. Income changes but not relative price changes.
In which of the following cases will total revenue increase?
A. Price falls and demand is inelastic. B. Price falls and supply is elastic. C. Price rises and demand is inelastic. D. Price rises and demand is elastic.