Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A)
If there is an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples, the equilibrium could move to which point?
A) none of the points shown B) B
C) C D) E
A
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Which of the following is an example of an application of the ceteris paribus assumption?
A) An analysis of how price changes affect how much of a good people will purchase when all other factors are held constant B) An analysis of how people purchase more goods when prices decline and income increases C) After reading an article on the dangers of high-fat diets, an individual buys less red meat when prices increase D) An analysis of how worker productivity increases when a firm invests in new machines and training programs
What percent of the families classified as poor in 2010 were headed by an elderly (age 65 and over) person?
a. approximately two-thirds b. approximately 9 percent c. approximately 32 percent d. approximately 50 percent
What is the difference between primary and secondary credit offered by the Fed and who would use secondary credit?
What will be an ideal response?
Under a system of marketable pollution permits:
A. pollution will increase. B. firms may trade the right to pollute a certain amount. C. firms can only buy the right to pollute from the government. D. the government is not involved.