If the price of propane-fueled gas grills was to decrease, then
A) the quantity of propane demanded would decrease.
B) the demand for propane would increase.
C) the quantity of propane demanded would increase.
D) the demand for propane would decrease.
B
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The lowest wage for which a person is willing to supply labor is known as the
A) substitution wage. B) income effect. C) derived wage. D) reservation wage.
The time interval between observations can be all of the following with the exception of data collected
A) daily. B) by decade. C) bi-weekly. D) across firms.
Assuming that hamburger is an inferior good, an increase in consumer income, other things being equal, will cause a(n):
a. upward movement along the demand curve for hamburger. b. rightward shift in the demand curve for hamburger. c. downward movement along the demand curve for hamburger. d. leftward shift in the demand curve for hamburger.
In the United States, when the outflow of dollars to pay for our imports of goods from Japan exceeds the inflow of dollars earned by our exports to Japan, typically
a. the dollar appreciates b. the United States can buy back some of its assets that are held by the Japanese c. this is merely a statistical discrepancy because the trade with Japan (exports and imports) must net out to zero d. the United States can use its reserves of yen to cover the difference e. the Japanese can borrow the needed dollars through the foreign exchange market