As the income for bus consumers increased, the wages of bus drivers increased simultaneously. How does this affect the market for bus rides (inferior good)?
a. The demand curve will shift to the left; the supply curve will shift to the left
b. The demand curve will shift to the left; the supply curve will shift to the right
c. The demand curve will shift to the right; the supply curve will shift to the left
d. The demand curve will shift to the right; the supply curve will shift to the right
b
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Which of the following is not included in GDP calculations?
a. the value of an accountant's services b. the value of 500 shares of Microsoft stock sold to an investor c. the value of high-definition television sets produced, but not sold, during the year d. the value of a haircut
The long-run industry supply curve ________ in a decreasing-cost industry.
A. is horizontal B. is vertical C. slopes down D. slopes up
The quantity of goods and services that firms produce and sell at each price level is shown on the
a) aggregate-services curve. b) market-supply curve. c) aggregate-demand curve. d) aggregate-supply curve.
All other things unchanged, the velocity of money will _______ if the quantity of money demanded _______.
A. decrease; decreases B. increase; increases C. increase; decreases D. fall to zero; increases