Which of the following would cause the demand for plumbers to decrease?
a. an increase in the productivity of plumbers
b. a decline in the construction of housing
c. a law that mandated higher wages for plumbers
d. an increase in the number of plumbers who belong to a union
B
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The total product is 10 units. The average total cost is $30 and the average fixed cost is $10. What is the amount of the total variable cost?
A) $20 B) $200 C) $300 D) $10 E) It is impossible to determine with the information given.
Foreign investment can be economically beneficial for all of the following reasons except:
A. increases the GDP of the host country by giving it access to additional resources. B. increases the GDP of the investing country by providing it with ways to earn higher returns on its capital. C. makes the world a more efficient place by moving capital from places with low returns to places with high returns. D. it always leads to a higher interest rate.
As long as a consumer remains on the same indifference curve,
a. she is indifferent to all points that lie on any other indifference curve. b. her preferences will not affect the marginal rate of substitution. c. she is unable to decide which bundle of goods to choose. d. she is indifferent among the points on that curve.
The responsiveness of demand to changes in income holding the good's relative price constant is
A. cross price elasticity of demand. B. elasticity of supply. C. price elasticity of demand. D. income elasticity of demand.