A decrease in the price of gasoline shifts the demand for auto batteries to the
A. left, because gasoline and auto batteries are substitutes.
B. left, because gasoline and auto batteries are normally used together.
C. right, because gasoline and auto batteries are substitutes.
D. right, because gasoline and auto batteries are normally used together.
Answer: D
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In the presence of a negative externality in production, a monopoly will produce
A) more than the social optimum. B) less than the social optimum. C) the social optimum. D) All of the above are possible.
Human capital is defined as
a. the skills and knowledge possessed by workers b. the tools used by labor c. equipment and machinery used to train workers d. buildings purchased by households rather than by businesses e. equipment and machinery used to aid household production and increase available leisure time
Riva crafts and sells hard cider as a part-time job. She can bottle and sell four cases in a week. She is considering hiring her friend Atul to help her. Atul can bottle and sell three cases per week. What is the maximum total output possible if Riva hires Atul?
a. 3 cases b. 4 cases c. 7 cases d. 11 cases
The bigger the money multiplier is the:
A. greater the amount of private demand for loans. B. smaller the reserve ratio must be. C. less a bank can loan out. D. less money is created in the economy.