Suppose that today, consumers expect the price of bottled water to double in the future. Then today the bottled water's
A) demand curve will shift to the right.
B) demand curve will shift to the left.
C) supply curve will shift to the right.
D) supply curve will shift to the left.
Answer: A
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A firm can sell as many units of its output as it wants for $10 a piece. The current market wage rate for its workers is $20 per hour. It follows that the firm will hire workers up to the point where the last worker hired produces how much per hour?
a. one unit. b. two units. c. one-half a unit. d. 200 units.
In business organizations, the specialization of workers and their assignments to different tasks is called:
a. division of labor. b. capital efficiency. c. product differentiation. d. labor productivity.
In this graph, fewer government purchases and/or higher taxes will move the equilibrium ______.
a. off the LRAS curve
b. off the AD2 curve
c. from point e1 to point E2
d. from point E2 to point e1
Minimum wage was first established by ______.
a. city governments b. county governments c. state governments d. the federal government