An increase in the selling price of the tires that Jim produces will increase the demand for Jim's labor
a. True
b. False
A
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"Price discrimination allows a monopolist to increase his or her economic profits by capturing part of the consumer surplus and turning it into economic profit
" Is the previous statement correct or incorrect? If the statement is correct, why is it important in understanding firms' behaviors? If it is incorrect, why is it incorrect?
In the market for French wines, an increase in demand is illustrated by:
A) a movement up the demand curve. B) a movement down the demand curve. C) a shift of the demand curve to the left. D) a shift of the demand curve to the right.
Bargaining between the management of a company and the management of a union is
A) a closed shop. B) a bilateral monopoly. C) a craft union. D) collective bargaining.
Which one of the following reduces the likelihood that real-world fiscal policy will promote economic stability?
a. Policy planners do not know whether a tax cut is expansionary or restrictive. b. Policy makers need to know what economic conditions will be like 6 to 18 months into the future, and this is extremely difficult to forecast accurately. c. Policy planners are reluctant to implement expansionary fiscal policy even during a serious recession. d. Public choice theory suggests that elected political officials will generally favor restrictive fiscal policy.