If an increase in the price of blue jeans leads to an increase in the demand for tennis shoes, then blue jeans and tennis shoes are
a. substitutes
b. complements
c. normal goods
d. inferior goods
e. none of the above
a. substitutes
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When producers anticipate that the price of their product will increase in the future
A) the supply curve will shift to the right. B) the supply curve will shift to the left. C) the current production will move along on the supply curve. D) they will immediately lobby Congress to adjust prices now.
Which one of the following colonial groups actually benefited from the Navigation Acts?
a. Southern tobacco farmers b. New England shipbuilders c. colonists who bought goods imported from non-imperial sources d. No colonial group benefited from the Navigation Acts.
Which of the following could shift the Production Possibilities Frontier for the production of automobiles?
a. Newer technology allows the cars to be made more quickly. b. More laborers are trained in the computerized technology used by the automobile manufacturers. c. Laws are passed allowing automobile manufacturers to lower their tax rates by hiring more laborers. d. All of the above could shift the Production Possibilities Frontier of automobiles.
Congestion pricing
A. is a tax. B. keeps nasal passages clear. C. is never efficient. D. all of these answer options are correct.