Refer to the diagrams. In which case would the coefficient of income elasticity be positive?
A. A
B. B
C. C
D. D
A. A
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An upright vacuum manufacturer is losing ground in the marketplace to manufacturers selling robotic models that offer smart technology. How might this impact the company’s demand curve for labor?
a. It would shift upward. b. It would shift downward. c. It would shift to the right. d. It would shift to the left.
The unemployment rate for managerial and professional workers tends to be high.
Answer the following statement true (T) or false (F)
If an economy experiences constant opportunity costs with respect to two goods, then the production possibilities curve between the two goods will be?
A. Bowed inward or convex from below. B. Bowed outward until the two goods are equal, and then bowed inward. C. Bowed outward or concave from below. D. A straight, downward-sloping line.
You manage a popular nightclub and lately revenues have been disappointing. Your bouncer suggests that raising drink prices will increase revenues, but your bartender suggests that decreasing drink prices will increase revenues. You aren't sure who is right, but you do know that:
A) your bouncer thinks the demand for drinks is inelastic, while your bartender thinks the demand for drinks is elastic. B) both the bouncer and bartender think the demand for drinks is inelastic. C) your bouncer thinks the demand for drinks is elastic, while your bartender thinks the demand for drinks is inelastic. D) both the bouncer and bartender think the demand for drinks is elastic.