A decrease in the wages of truck drivers might be explained by which of the following factors?
A. An increase in the demand for transportation
B. An increase in the price of gasoline
C. An increase in competition within the trucking industry
D. An increase in the cost of air freight
Answer: B
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When free international trade takes place, in accordance with a country's comparative advantage,
a. producers in export industries are likely to favor it because they sell a larger quantity at identical prices b. producers in export industries are likely to oppose it because they sell a larger quantity, which lowers prices in accordance with the laws of supply and demand c. producers in import industries are likely to favor it because they sell a larger quantity at only slightly depressed prices d. export industry workers are likely to favor it, import industry workers are likely to hate it e. consumers are likely to be of two minds: they hate the more expensive import goods, but they love the cheaper export goods
Which statement is true?
A. At high levels of disposable income, induced consumption is zero. B. At low levels of disposable income, induced consumption will be greater than autonomous consumption. C. Autonomous consumption will generally equal induced consumption. D. None of these statements is true.
The Lorenz curve
A) shows what portion of the population are living in poverty and what portion are living in wealth. B) shows what portion of total money income is accounted for by different proportions of the nation's households. C) shows what portion of the population is working as professionals, white- and blue-collar, workers and workers at menial tasks. D) breaks down the income levels of each group in the economy.
Refer to the above figure. Line EBD is called
A. the 45-degree line. B. the saving function. C. aggregate demand. D. the consumption function.