Which of the following events would unambiguously cause an increase in the equilibrium price of cotton shirts?
a. an increase in the price of wool shirts and a decrease in the price of raw cotton
b. a decrease in the price of wool shirts and a decrease in the price of raw cotton
c. an increase in the price of wool shirts and an increase in the price of raw cotton
d. a decrease in the price of wool shirts and an increase in the price of raw cotton
c
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The Great Depression of the 1930s opened the door to the ________ revolution in macroeconomic theory
A) Keynesian B) old classical C) New Keynesian D) New classical
All of following are commonly considered to be common property EXCEPT
A) spotted owls in the wild. B) fish in an ocean. C) chickens raised in a farm. D) wild salmon in a river.
Hoe does etiquette help in transaction of goods between two parties?
Table 34-1 ? Alternate Outputs from One Day’s Labor Input ? Wheat ? Textiles United States ? ? ? (one person’s/day’s labor) 12 bushels or 3 yards ? ? ? ? Great Britain ? ? ? (one person’s/day’s labor) 3 bushels or 12 yards ? From Table 34-1, the opportunity cost of one bushel of wheat in Great Britain is
A. 1/4 yard of textiles. B. 3 yards of textiles. C. 12 yards of textiles. D. 4 yards of textiles.