Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $20?
A) 0 B) 100 C) 150 D) 200
B
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Economists argue that the union wage advantage
A) has been estimated to be 100% in the private sector. B) in the private sector is a 4% increase in wages for union workers over nonunion workers. C) reached its height in 2000 in the private sector. D) has been close to zero since World War II in the private sector.
Currently, total government expenditures in the United States:
a. are close to 40 percent of GDP. b. fell by half, to 10 percent of GDP. c. nearly doubled to about 60 percent of GDP. d. nearly tripled to about 60 percent of GDP.
The production possibilities frontier illustrates
a. the trade-off between efficiency and equality. b. the combination of output that an economy should produce. c. the combination of output that each member of society should consume. d. None of the above is correct.
A decrease in the price of a good would
a. shift the supply curve for the good to the left. b. give producers an incentive to produce more to keep profits from falling. c. increase the quantity demanded of the good. d. increase the supply of the good.