An individual's demand curve for a good can be derived by measuring the quantities selected as
A) the price of the good changes.
B) the price of substitute goods changes.
C) income changes.
D) All of the above.
A
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Wages in Baltonia are downwardly rigid. Which of the following will happen if a recession occurs in the country?
A) Employment will fall less than if wages were flexible. B) Unemployment will fall less than if wages were flexible. C) Employment will fall more than if wages were flexible. D) Unemployment will fall more than if wages were flexible.
The price elasticity of demand for pleasure travel (-1.9 ) and business travel (-0.8 ) suggests that air travel for pleasure is a luxury and air travel for business is a necessity
Indicate whether the statement is true or false
A book that sells new for $100 will typically sell used for around
A. $100. B. $75. C. $50. D. $25.
If real salaries decrease but nominal salaries do not, this means that:
A. the purchasing power of money has increased. B. prices have not changed. C. prices have risen. D. prices have fallen.