Horizontal differentiation makes products better for some consumers and worse for others.
Answer the following statement true (T) or false (F)
True
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How does elasticity of supply differ for a product that can be stored, compared to a product that cannot be stored?
What will be an ideal response?
Which of the following is a reason why increases in the price level result in a decline in aggregate expenditure?
A) Price level increases in the United States relative to other countries raise net exports, which lowers aggregate expenditure. B) As the price level rises, government spending falls, which lowers aggregate expenditure. C) Price level increases cause firms and consumers to hold more money, which raises the interest rate. Higher interest rates lower consumption and planned investment expenditures, which lowers aggregate expenditure. D) Price level increases raise real wealth, which causes consumption spending and aggregate expenditure to decline.
Featherbedding by unions is an attempt to
a. increase the demand for union labor b. increase the demand for non-union labor c. decrease the demand for union labor d. increase the supply of union labor e. increase the supply of non-union labor
Which of the following might increase the supply curve of labor?
a. Elimination of discrimination against blacks. b. Elimination of discrimination against females. c. Easing licensing requirements. d. All of these.