Consider the relationship given by QCars = 100 + 4 × PCars - 2 × PSteel - 0.2 × PWorkers, where QCars is the quantity of cars supplied (in thousands), PCars is the price of cars (in thousands of dollars), PSteel is the price of steel, and PWorkers is the wage earned by autoworkers. What would be the impact of a $15 increase in the price of steel?
A. The quantity of cars supplied would decrease by 30,000 cars.
B. The quantity of cars supplied would increase by 30,000 cars.
C. The quantity of cars supplied would decrease by 7,500 cars.
D. The quantity of cars supplied would increase by 7,500 cars.
A. The quantity of cars supplied would decrease by 30,000 cars.
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When money is used to set the value of goods such as cars, DVD players, and TVs, money is serving as a
A. medium of exchange. B. standard of value. C. store of value. D. standard of deferred payment.
The Affordable Care Act
A. was a compromise between those who wanted an individual mandate and those who did not. B. created a single-payer system, similar to the one in the United Kingdom. C. was a compromise between those who wanted a single payer system and those who did not. D. created an individual mandate, similar to the one in the United Kingdom.
In exchange for a share of ZYX's profits if it succeeds, Firm ABC provides development funds to newly formed ZYX, which is developing an innovative product. ABC funds are called ____________, while ZYX is known as a ____________
A. venture capital; start-up B. retained earnings; entrepreneurial firm C. mutual funds; start-up D. transfer payments; entrepreneurial firm
In the diagram, a shift from AS 1 to AS 2 might be caused by:
A. stricter government regulations.
B. an increase in the prices of imported resources.
C. a decrease in the prices of domestic resources.
D. an increase in business taxes.