Under the law of demand, any increase in price will cause ________ in quantity demanded
a. a decrease
b. constant change
c. an increase
d. no change
a
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Which of the following would result in an increase in the demand for Toyota automobiles?
A. An increase in the price of Toyota automobiles B. A decrease in the price of Toyota automobiles C. A decrease in the price of Honda automobiles D. An increase in the price of Honda automobiles
Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Which of the following is TRUE?
A) Nigel has both an absolute and comparative advantage in bandana production. B) Nigel has both an absolute and comparative advantage in hair pin production. C) Nigel has neither an absolute nor comparative advantage in hair pin production. D) Nigel has neither an absolute nor a comparative advantage in bandana production.
Macroeconomic topics include
A) total, nationwide employment. B) studying what factors influence the price and quantity of automobiles. C) studying the determination of wages and production costs in the software industry. D) the impact of government regulation of markets.
Which of the following statements is not an example of the use of persuasion to correct (or adjust for) an externality?
A. Maggie asks her neighbor to keep his dog quiet at night. B. An environmental group conducts a sit-in at a chemical factory to demand that the firm stop polluting rivers. C. A judicial court imposes a fine on a reckless driver. D. All of the above are examples of the use of persuasion to correct (or adjust for) an externality.