Which of the following illustrates the law of demand?
A. More people watch college football in March than in December.
B. The number of long distance calls in the United States is greater on Christmas than on Valentine's Day.
C. The prevailing wage rate in an industry determines how many people choose to work in the industry.
D. College enrollment decreases when tuition increases.
Answer: D
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The Bubby Gum factory produces bubble gum. Joanne is one of the employees, and she produces 10 packs of bubble gum per hour. Joanne's money wage rate is $12 per hour. If a packet of bubble gum sells for $1.00, then
A) Joanne is creating a $2.00 per hour profit for the firm. B) Joanne is creating a $2.00 per hour loss for the firm. C) the Bubby Gum company should pay Joanne more. D) the Bubby Gum company should decrease the price of the bubble gum so it sells more and makes a larger profit. E) None of the above answers is correct because more information about Joanne's real wage is needed to decide what to do.
Which of the following markets is likely to be perfectly competitive?
A) The market for patented nuclear medicines B) The market for wheat C) The market for smart phones D) The market for shower gel
The concept of progressive, proportional, and regressive taxation is positive in nature
a. True b. False
John Maynard Keynes explained that the consumption function is a major component of the aggregate expenditures model
a. True b. False Indicate whether the statement is true or false