Andy views beer and pizza as complements to one another. If the price of pizza decreases, economists would expect:
a. Andy's demand for pizza to increase
b. Andy's demand for pizza to decrease.
c. Andy's quantity of pizza demanded to decrease.
d. Andy's demand for beer to increase.
d
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The natural rate of unemployment:
A) is a constant. B) is the average of the unemployment rate in a country over time. C) is determined by adding the unemployment rates in all countries and then dividing it by the number of countries. D) is always lesser than the level of cyclical unemployment in an economy.
The division of labor benefits society only if
a. a system of exchange exists. b. society uses all of its resources efficiently. c. society has no specialized resources. d. labor resources are not scarce.
For an imaginary economy, the value of the consumer price index was 140 in 2013 and 146.5 in 2014 . The economy's inflation rate for 2014 was
a. 4.6 percent. b. 6.5 percent. c. 4.4 percent. d. 46.5 percent.
If the price of motel rooms increases by 10 percent while the prices of other goods and services increase by 5 percent on average, the relative price of motel rooms has:
A. decreased by 10 percent. B. increased. C. remained constant. D. decreased by 5 percent.