Demand for a good will always rise when:
a. the price of a complementary good falls.
b. the price of a substitute good falls.
c. tastes change.
d. incomes decrease.
e. the price of the good falls.
a
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Traditional bank notes promised to pay the bearer a specific quantity of
A) cigarettes. B) consumer goods and services. C) metallic money. D) durable goods. E) interest.
Increasing wage rates will result in more hours worked.
A. True B. False C. Uncertain
Refer to Figure 5.1. All else equal, an increase in the number of workers will cause a
A) shift from PF1 to PF2. B) shift from PF2 to PF1. C) movement up and to the right along PF1. D) movement down and to the left along PF2.
In order to increase society's well-being, education might be
a. taxed to discourage production b. subsidized to encourage production c. taxed to encourage production d. subsidized to discourage production e. provided without government intervention