If a bottled soft drink and bottled juice are substitutes, when the price of the bottled soft drink rises
A) demand for bottled juice rises.
B) demand for bottled juice falls.
C) quantity of bottled juice demanded falls.
D) quantity of bottled juice demanded rises.
A
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What happens to the real wage rate and potential GDP if population increases?
What will be an ideal response?
If your labor supply increases when you get a raise, which of the following is TRUE?
A) Your substitution effect is greater than your income effect. B) Your substitution effect is less than your income effect. C) Your substitution effect equals your income effect. D) None of the above answers is correct.
"Natural resources" refers to
a. bodies of water b. trees c. oil reserves d. minerals e. All of the answers are correct.
A change in demand means there has been a shift in the demand curve, and a change in quantity demanded
A. Means that price has changed and there is movement along the demand curve. B. Means a shortage or surplus will result from holding prices constant. C. Results from a change in price of other goods. D. Also means demand has shifted.