Which of the following is a positive statement?
A) Taxes should be lower because then people get to keep more of what they earn.
B) My economics class should last for two terms because it is my favorite class.
C) A 10 percent increase in income leads to a 4 percent increase in the consumption of beef.
D) Given their negative impact on productivity, the government should eliminate labor unions.
C
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Suppose the only two goods that Charlie consumes are wine and cheese. When wine sells for $10 a bottle and cheese sell for $10 a pound, he buys 6 bottles of wine and 4 pounds of cheese — spending his entire income of $100 . One day the price of wine falls to $5 a bottle and the price of cheese increases to $20 a pound, while his income does not change. The bundle of wine and cheese that he
purchased at the old prices now costs a. the same amount at the new prices. b. less than Charlie's income at the new prices. c. more than Charlie's income at the new prices. d. We do not have enough information to answer the question.
Refer to the figure below. Player B can infer that Player A will: 
A. choose Down when B chooses Left and choose Up when B chooses Right. B. always choose Up. C. always choose Down. D. choose Up when B chooses Left and choose Down when B chooses Right.
If the slope of the aggregate expenditure curve is 0.75, the expenditure multiplier is equal to
A) 1.33. B) 4.00. C) 0.75. D) 0.25. E) 5.00.
The above figure shows the supply and demand curves for high-skilled and low-skilled labor. High-skilled workers earn a wage rate of
A) $15 per hour. B) $12 per hour. C) $9 per hour. D) $6 per hour.