Which of the following causes the supply of leather jackets to decrease?
a. an increase in the price of leather jackets
b. an increase in the price of leather
c. a decrease in the price of zippers
d. an increase in the number of motorcycles
e. a decrease in consumer income
B
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If the multiplier is 10, then the marginal propensity to consume (MPC) is
A) 9. B) 1. C) 0.9. D) 0.1.
The opening of export markets for primary products can provide employment for previously underutilized land and labor. The term for this is
(a) vent for surplus. (b) comparative advantage. (c) Prebisch-Singer thesis. (d) barter trade.
Which of the following explains the purpose of the R&E Credit?
a. Stimulating the private sector to invest in research and development b. Enhancing a firm’s ability to protect its research and development efforts c. Enabling a firm to manufacture and sell a new technology faster d. Protecting the intellectual property rights of domestic technology firms
Discuss the following:
(i) Discuss the impact of the substitution effect on a wage increase. (ii) Discuss the impact of the income effect on a wage increase. (iii) Based on these two effects, how does a wage increase affect the supply of labor?