Graphically, what impact would an increase in the price of jet fuel have on the market for air travel?
a. It would shift the supply curve for air travel to the right.
b. It would shift the supply curve for air travel to the left.
c. It would shift the demand curve for air travel to the right.
d. It would shift the demand curve for air travel to the left.
B
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Normative economic analysis answers what question?
What will be an ideal response?
If the tradeoff between the two goods is constant, the production possibilities curve is
A) a negatively-sloped straight line. B) a positively-sloped straight line. C) a negatively-sloped curve which is bowed inward. D) a negatively-sloped curve which is bowed outward.
The widespread adoption of computers in the workplace has likely led to
A) an increase in labor productivity because computers are a capital good. B) a decrease in labor productivity because computers are a capital good. C) an increase in the supply of labor because people are needed to operate the computers. D) no change in the quantity of labor hours. E) a decrease in human capital because computers are physical capital.
Which of the following would decrease the price of packaged hot dogs?
A. A decrease in the price of hot dog buns, a complement to packaged hot dogs. B. An increase in the price of hamburger meat, a substitute for packaged hot dogs. C. A technological advance that lowers the cost of producing packaged hot dogs. D. An increase in the price of beef used to produce packaged hot dogs.