Assume that a consumer purchases two products and the consumer's money income increases. All other things equal, the most likely effect is:
A. no change in the consumer's buying pattern.
B. an inward shift in the budget line because the consumer can now purchase less of both products.
C. an outward shift in the production possibilities curve because the consumer can now satisfy more wants.
D. an outward shift in the budget line because the consumer can now purchase more of both products.
Answer: D
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In fall 2009, the population of the United States was 301 million, the working-age population was 235.7 million, the total number of people employed and unemployed was 154.9 million, and the total number of unemployed people was 14.7 million
What is the unemployment rate? A) 51 percent B) 6.2 percent C) 4.9 percent D) 9.5 percent E) 4.6 percent
If a firm was able to acquire control over access to bauxite, the ore used in aluminum manufacturing, it would gain monopoly control of the aluminum industry because that firm
A. holds a patent. B. is given the right to control the market by government. C. controls an essential input. D. is a natural monopoly.
Did the United States ratify the Kyoto Protocol? Why or why not?
a. Yes; but it has failed to meet targets for a number of years. b. No; the United States had promised to sign on January 1, 2008, but never did. c. Yes; and it has met its target each year. d. No; he United States believed the targets were impossible to meet without great harm to the industrial base.
Consider the following:
(i) Suppose a competitive industry has some factor of production whose supply is perfectly inelastic. As the demand for the industry's product rises and falls, what happens to the factor's employment and its rent? (ii) Repeat part i for the case where factor supply is perfectly elastic.